RBI Asks Banks to Report Daily Data on FCNR(B) Deposits, ECBs and OFCBs Under Swap Facility
RBI Asks Banks to Report Daily Data on FCNR(B) Deposits, ECBs and OFCBs Under Swap Facility
The Reserve Bank of India (RBI) has directed all Authorised Dealer (AD) Category-I banks to submit daily reports on foreign currency funds raised under its recently announced swap facility.
Under the new instructions, banks must report details of:
- FCNR(B) deposits (Foreign Currency Non-Resident Bank deposits)
- External Commercial Borrowings (ECBs)
- Overseas Foreign Currency Borrowings (OFCBs)
The reports must be submitted to RBI by 6:00 PM every day in the prescribed formats. Even if no transactions take place on a particular day, banks must send a NIL report (except on Saturdays and public holidays).
RBI has also asked banks to provide data for all eligible transactions carried out from June 8, 2026, the date the swap facility was introduced. This backlog data must be included in the first report due on June 22, 2026.
These directions have been issued under the provisions of Foreign Exchange Management Act, 1999 and they do not override any other approvals or permissions that may be required under the applicable laws.