Banking and RBI
RBI introduces US Dollar-Rupee forex swap facility for fresh FCNR(B) deposits
8 June 2026 | Reserve Bank of India
An RBI notification of 8 June 2026 to AD Category-I banks, issued after the Governor's Statement of 5 June, introduces a US Dollar-Rupee forex swap facility for fresh FCNR(B) deposits mobilised for a minimum tenor of three years and a maximum of five years.
The facility covers fresh deposits in any freely convertible currency, including deposits renewed on maturity, but the swap with RBI is available in US dollars only. The swap tenor aligns with the tenor of the underlying deposits, and banks remain free to price these deposits within the overall ceiling under existing RBI guidelines. Banks must keep separate records with an audit trail for deposits covered under the scheme.
Key facts- Facility: USD-INR forex swap for fresh FCNR(B) deposits
- Deposit tenor: minimum 3 years, maximum 5 years
- Swap with RBI: US dollars only
- Available to: AD Category-I banks
Exam takeaway: FCNR(B) is the Foreign Currency Non-Resident (Bank) deposit held in foreign currency by NRIs.
Quick revision: RBI 8 June 2026: forex swap facility for fresh FCNR(B) deposits of 3 to 5 years.
Reserve Bank of India original sourceReports, Indices, Science and Technology
Report of the Committee on Datasets for State Finance Commissions released
8 June 2026 | Press Information Bureau
PIB said Chief Economic Advisor Dr V. Anantha Nageswaran released the Report of the Committee on Datasets for State Finance Commissions on 8 June 2026 in New Delhi, at an event of the Ministry of Panchayati Raj, in the presence of Secretary Vivek Bharadwaj.
In his keynote he said reliable, timely and granular data is essential for sound fiscal decisions and that State Finance Commissions can make sound recommendations only with access to such data. PIB's advance note stated that State Finance Commissions are constituted under Article 243-I of the Constitution to review the finances of Panchayati Raj Institutions and recommend principles for devolving funds to local governments.
Key facts- Report: Committee on Datasets for State Finance Commissions
- Released by: Dr V. Anantha Nageswaran, CEA, on 8 June 2026
- Organised by: Ministry of Panchayati Raj
- SFCs: constituted under Article 243-I
Exam takeaway: State Finance Commissions are constitutional bodies under Article 243-I (Panchayats).
Quick revision: CEA released the Report on Datasets for State Finance Commissions on 8 June 2026 (PIB).
Press Information Bureau original source