Archive · 14 Aug 2026
RBI Measures Set to Pull $90-95 Billion into India
India is a country that sometimes spends more money with other countries than it earns.
A new report says India may soon get a lot more money coming in from outside.
This money comes from special bank deposits and borrowings that people from other countries can use.
The report thinks India could get up to 95 billion dollars in a year called FY27.
This would help India have more money saved up as a surplus.
Earlier, India spent more than it earned, but now it may earn more.
The central bank made new rules to encourage people to send money in.
People responded by putting in over 40 billion dollars in just a couple of months.
Banks are offering higher interest rates to attract this money.
This is good news because it helps protect India if the world's economy gets shaky.
CareEdge Ratings expects RBI's concessional swap measures to draw $90-95 billion in capital inflows in FY27, lifting India's balance of payments to a $64 billion surplus.
FCNR(B) inflows are projected at about $80 billion, while external commercial borrowings and overseas foreign currency borrowings are expected to contribute $10-15 billion.
India's capital account surplus is expected to rise to about $108 billion, compared with just $2 billion in the previous year.
Policy measures announced on June 5, 2026 attracted $40.8 billion by July 31, 2026, with FCNR(B) accounting for $36.7 billion.
Large banks are offering FCNR deposit rates of 6.0-6.5%, some smaller banks near 7%, and some foreign banks reportedly offer leverage as high as 19-fold to 29-fold.
- Who
- CareEdge Ratings, which published the report, and India's central bank RBI, whose June 5, 2026 policy measures spurred the inflows.
- What
- RBI's concessional swap windows for FCNR(B) deposits, external commercial borrowings and overseas foreign currency borrowings are forecast to generate $90-95 billion in capital inflows, lifting India's balance of payments to a $64 billion surplus in FY27.
- When
- FY27 (2026-27), following policy measures announced on June 5, 2026, with response data tracked through July 31, 2026.
- Where
- India
- Why
- A strong response to RBI's concessional swap measures is expected to provide an important buffer against global volatility and substantially strengthen India's external position.
- Forecast FY27 capital inflows
- $90-95 billion
- FY27 balance of payments forecast
- $64 billion surplus
- FCNR(B) inflow projection
- About $80 billion
- ECB and OFCB inflow projection
- $10-15 billion
- Capital account surplus forecast
- About $108 billion (from $2 billion the previous year)
- Policy announcement date
- June 5, 2026
- Inflows attracted (June 5 - July 31, 2026)
- $40.8 billion (FCNR(B): $36.7 billion; ECBs/OFCBs: $4.1 billion)
- FCNR deposit rates offered
- 6.0-6.5% at large banks; close to 7% at smaller/newer banks
- Reported leverage at some foreign banks
- 19-fold to 29-fold
