46 mins ago
RBI Forex Swap Draws $136.4 Billion, Led by FCNR(B) Deposits
The Reserve Bank of India created a special program to bring more foreign currency into India.
It allowed banks to collect foreign-currency deposits from Indians living abroad.
It also covered loans and bonds raised overseas by Indian entities.
The program brought in about $136.4 billion by August 31, 2026.
Most of this money, about $127.2 billion, came from FCNR(B) deposits.
The strong response led the RBI to close that part of the program early.
The loan and bond portions will stay open until December 31, 2026.
The RBI said the reported numbers may change after final checks.
India’s special USD-INR forex swap facility attracted total inflows of $136.377 billion by August 31, 2026.
FCNR(B) deposits contributed $127.226 billion, accounting for more than 93% of total inflows.
OFCBs added $5.26 billion, while ECBs contributed $3.891 billion.
The FCNR(B) window closed on August 31, a month earlier than initially planned, after strong demand.
The ECB and OFCB components will remain open until December 31, 2026; the figures are provisional.
- Who
- The Reserve Bank of India, Indian banks, the Indian diaspora, and Indian entities raising funds overseas.
- What
- A special USD-INR forex swap facility attracted $136.377 billion in foreign-currency inflows, mostly through FCNR(B) deposits.
- Where
- India, through Indian banks and overseas funding markets.
- When
- The facility launched on June 8, 2026; figures covered inflows through August 31, 2026.
- Why
- The facility was introduced to strengthen India’s external sector position, support foreign-exchange liquidity, and increase foreign-exchange inflows amid global market uncertainties.
Key facts
- Total inflows
- $136.377 billion as of August 31, 2026
- FCNR(B) deposits
- $127.226 billion, or more than 93% of total inflows
- OFCB inflows
- $5.26 billion
- ECB inflows
- $3.891 billion
- FCNR(B) window
- Closed on August 31, 2026, instead of the planned September 30 closing date
- ECB and OFCB window
- Scheduled to remain open until December 31, 2026
- Data status
- The RBI described the figures as provisional and subject to final reporting, accounting, and reconciliation
Sources
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