A.P. (DIR Series) Circular No. 15, RBI/2026-27/144, dated June 19, 2026
The Reserve Bank of India (RBI) has issued an A.P. (DIR Series) Circular prescribing reporting requirements for Authorised Dealer (AD) Category-I banks in respect of FCNR (B) Deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) mobilized under the Reserve Bank's recently announced Swap Facility.
Background
Attention of AD Category-I banks has been drawn to two earlier circulars issued by the Financial Markets Operations Department (FMOD), both dated June 8, 2026:
- FMOD.MAOG.No.S-56/01.06.016/2026-27 on 'Swap Facility for FCNR (B) Deposits'
- FMOD.MAOG.No.S-57/01.06.016/2026-27 on 'Swap Facility for External Commercial Borrowings and Overseas Foreign Currency Borrowings'
Pursuant to these circulars, RBI has now prescribed the daily reporting mechanism that AD Category-I banks must follow in respect of funds mobilized under the Swap Facility.
Reporting Requirements
1. Daily Submission Timeline — All AD Category-I banks must submit daily data on FCNR (B) deposits, ECBs and OFCBs mobilized under the FMOD circulars, by 6 p.m. every day.
2. Reporting Format and Designated Email IDs
| Category | Format | Email ID |
|---|---|---|
| FCNR (B) Deposits | Annex I | fedcoepd@rbi.org.in |
| ECBs | Annex II | ecbframework@rbi.org.in |
| OFCBs | Annex III | fmrdfx@rbi.org.in |
3. NIL Statement Requirement — In case of no transactions during the day, a NIL statement must be submitted. This does not apply on Saturdays and holidays.
4. Backdated Reporting — Data from June 8, 2026 till the date of issuance of this circular shall be submitted along with the first reporting due on June 22, 2026.
Regulatory Basis
The directions have been issued under Sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999 (FEMA), without prejudice to any permissions or approvals required under any other applicable law.
Compliance Action Points for AD Category-I Banks
- Set up internal systems/MIS to capture daily mobilization data under the Swap Facility
- Ensure timely submission to the designated email IDs by 6 p.m. daily, in the prescribed formats
- Build in a NIL-reporting process for non-transaction days (excluding Saturdays/holidays)
- Compile and submit backdated data from June 8, 2026 along with the first reporting cycle due June 22, 2026
Conclusion
Given the same-day (6 p.m.) reporting deadline and the requirement to furnish backdated data by June 22, 2026, AD Category-I banks should prioritise putting the necessary reporting processes in place at the earliest to ensure full compliance.
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