Mumbai : According to the latest Ecowrap report by SBI Research, the Reserve Bank of India’s (RBI) measures announced in June 2026 are aimed at attracting foreign currency inflows and supporting the rupee without increasing domestic interest rates. The report states that the RBI’s February and June initiatives represent a coordinated strategy to stabilize the rupee, deepen the domestic debt market, facilitate external funding and attract stable foreign capital. While the February measures focused on structural reforms in External Commercial Borrowings (ECBs), the June measures are designed to boost dollar inflows through FCNR(B) deposits and ECB/OFCB swap facilities.
SBI Research estimates that the special windows could bring in foreign currency inflows of around $55-65 billion in FY27, including $40-45 billion through FCNR(B) deposits and $15-20 billion through ECB/OFCB routes. These inflows are expected to strengthen the balance of payments, which could register a surplus of $5-10 billion in FY27, compared with the earlier estimate of a deficit. The report also projects that banking system deposit growth could rise to 14.5-15%, helping narrow the credit-deposit gap and enabling further moderation in interest rates.
The report notes that concerns over an imminent rate hike cycle are premature and argues that monetary policy decisions should remain data-dependent. It further emphasizes that the RBI should continue to intervene decisively to prevent excessive rupee depreciation, as sustained currency weakness could heighten imported inflation and threaten macro-financial stability.