Archive · 25 Aug 2026
RBI Forex Swap Draws $73 Billion in Inflows
The Reserve Bank of India created a special program to bring more foreign currency into India.
The program encouraged overseas Indians and institutions to place money with Indian banks.
By August 21, the program had brought in $73 billion.
Most of this money, $65.40 billion, came through deposits made by overseas Indians.
The program began on June 8 and was designed to support India’s foreign-exchange reserves.
It also covered some types of foreign borrowing by companies and banks.
The amount raised was much larger than the $26 billion collected in a similar 2013 program.
Because the response was strong, the RBI decided to close the deposit window earlier than originally planned.
The RBI’s USD-INR forex swap facility generated $73 billion in foreign-exchange inflows by August 21.
FCNR(B) deposits accounted for $65.40 billion of the total inflows.
The facility, launched on June 8, covered FCNR(B) deposits, OFCBs and ECBs.
The inflows exceeded the approximately $26 billion raised through the RBI’s 2013 FCNR(B) swap scheme.
The RBI advanced the FCNR(B) window’s closing date to August 31 after citing an encouraging response.
- Who
- The Reserve Bank of India, the Finance Ministry, Indian banks, overseas Indians and institutional borrowers.
- What
- A special USD-INR forex swap facility generated $73 billion in foreign-exchange inflows, including $65.40 billion through FCNR(B) deposits.
- When
- The facility was launched on June 8, and the reported inflows were measured as of August 21.
- Where
- India, through the Indian banking system.
- Why
- The facility was introduced to boost dollar inflows and strengthen India’s external foreign-exchange buffers amid a weakening rupee.
- Total inflows
- $73 billion as of August 21
- FCNR(B) inflows
- $65.40 billion
- Launch date
- June 8
- Covered instruments
- FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings
- Earlier comparison
- The 2013 FCNR(B) swap scheme raised about $26 billion over roughly three months
- Revised closing date
- August 31, advanced from September 30
- Participating banks
- Indian banks raised FCNR(B) interest rates to attract deposits after the deadline was shortened