{
  "id": 1758011,
  "title": "‘Prudent’ Bankers back RBI’s move to end FCNR(B) swap window early",
  "url": "https://urgent.news/2026/08/18/prudent-bankers-back-rbis-move-to-end-fcnr-b-swap-window-early",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-18T17:18:30.000Z",
  "source": {
    "name": "The Indian Express",
    "slug": "the-indian-express",
    "url": "https://indianexpress.com/article/business/rbi-fcnr-b-deposit-swap-window-early-closure-10839189/"
  },
  "original_language": "en",
  "account": "Bankers have praised the Reserve Bank of India (RBI) for its decision to terminate the FCNR(B) swap window earlier than scheduled. The facility, introduced on June 5 and operational from June 8, facilitated Indian banks in accumulating a substantial $52.3 billion as of August 13, with an additional $20 billion anticipated by month's end. The RBI terminated the swap on August 31, one month ahead of the planned September 30 deadline. Bankers view this move as a judicious one, acknowledging the liability nature of FCNR(B) deposits. One executive disclosed that their internal target of $2 billion has been achieved, while others anticipated a slight shortfall. The RBI's decision to end the swap, despite a high response, may be driven by the potential hedging costs. Although the RBI covers the hedging expenses, analysts estimate these costs could amount to around 15% of the funds raised. Even with a projected $70 billion raised, the cost would only be about $10.5 billion, a relatively minor figure against India's substantial foreign exchange reserves.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}