Banks across India, including foreign and cooperative lenders, have mobilised USD 27.99 billion through fresh Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits since the Reserve Bank of India (RBI) introduced its US Dollar-Rupee Forex Swap Facility. The information was shared in Parliament by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha. 
The RBI had announced the forex swap facility in the past few months to encourage fresh FCNR(B) deposits and attract foreign capital into the country. The facility applies to deposits with a minimum tenure of three years and a maximum of five years. 
FCNR(B) deposits are foreign currency term deposits maintained by Non-Resident Indians (NRIs). Under the scheme, banks can mobilise foreign currency deposits while receiving a swap facility from the RBI, helping them manage exchange rate risk more efficiently. The facility came into effect in the past two months and will remain available until October 16, 2026, for eligible deposits mobilised up to September 30, 2026. 
According to the minister, FCNR(B) deposits increased from USD 32.56 billion before the launch of the scheme to USD 60.55 billion by the end of July, reflecting an increase of USD 27.99 billion during the period. 
Among lenders, State Bank of India (SBI) mobilised the highest amount at USD 4.13 billion. It was followed by ICICI Bank with USD 3.7 billion, Axis Bank with USD 1.6 billion and HDFC Bank with USD 1.4 billion, based on RBI data shared in Parliament. 
The minister said the RBI introduced the US Dollar-Rupee Forex Swap Facility not only for FCNR(B) deposits but also for External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings to strengthen India's balance of payments and attract overseas capital. He added that while designing the facility, the central bank considered factors such as prevailing market conditions, interest rate differentials, expected investor returns, hedging costs and regulatory compliance requirements. 
According to the government, the overall cost of the swap facility will depend on the amount of foreign exchange mobilised, the maturity period of the swaps, exchange rate movements and prevailing forward premiums at the time of the transactions. The RBI also has established mechanisms to identify and mitigate risks associated with managing the country's foreign exchange reserves. 
In response to another question, Chaudhary informed Parliament that, as of June 2026, banks had reported 3.53 lakh domestic payment fraud cases involving INR 489 crore across all banks, including Urban Cooperative Banks. To address such incidents, the RBI has strengthened fraud risk management through measures such as cautionary advisories, staff rotation, mandatory leave policies, compliance monitoring and cybersecurity advisories. 
The minister also said India has achieved near-universal banking coverage, with 99.92% of inhabited villages 6,00,868 out of 6,01,328 having access to a banking outlet within a five-kilometre radius. The coverage includes bank branches, Business Correspondents and India Post Payments Bank (IPPB) outlets. 
The banking network currently consists of more than 1.81 lakh bank branches, 17.36 lakh Business Correspondents and 1.65 lakh IPPB centres. The government continues to work towards ensuring that every inhabited village has access to a banking outlet within a five-kilometre radius. To support this objective, the RBI allows commercial banks, small finance banks, payments banks, local area banks and regional rural banks to open branches without prior approval, provided at least 25% of new branches are established in unbanked rural areas. 
The government further informed Parliament that the Pradhan Mantri Jan Dhan Yojana (PMJDY) had 58.77 crore accounts with deposits totalling INR 3,12,414 crore as of mid-July 2026. 
Sharing details on agricultural credit, Chaudhary said a third-party assessment found that every INR 1 invested under the Kisan Credit Card–Modified Interest Subvention Scheme (KCC-MISS) generated INR 2.30 in net value addition for the agriculture and allied sectors. The report also noted that the scheme has reduced farmers' interest burden, with an estimated subsidy outlay of INR 1.87 lakh crore since its inception until 2024-25. 
The assessment found that beneficiaries under the scheme cultivated larger areas, achieved higher cropping intensity, diversified crops across seasons and improved the timely use of agricultural inputs through better access to working capital. Farmers receiving the Prompt Repayment Incentive also demonstrated stronger credit discipline, improving banks' confidence in extending further credit. 
In another response, the minister said that more than 59.14 crore loans had been sanctioned or di 
Source Reuters