BREAKING: RBI Forex Swap Facility Pulls in Massive $136.38 Billion as FCNR(B) Deposits Surge to $127.23 Billion
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Summarized by AI; it may make mistakes. Check important info
India’s central bank has reeled in a staggering provisional total of $136.38 billion under its special USD-INR forex swap facility, with Foreign Currency Non-Resident (Bank) deposits driving the bulk of the inflows. The Reserve Bank of India (RBI) revealed that authorised dealer banks reported these massive figures up to August 31, 2026, highlighting robust foreign currency mobilisation amidst shifting global liquidity conditions.
Breaking Down the Inflows: FCNR(B) Leads the Charge
Launched on June 8, 2026, the special forex swap facility was structured to capture inflows across FCNR(B) accounts, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Borrowings (OFCBs).
According to provisional data released by the apex bank, FCNR(B) deposits constituted the lion's share of the mobilisation, raking in $127.23 billion by the time the window for deposits closed on August 31, 2026. Meanwhile, OFCBs brought in $5.26 billion, and ECBs added $3.89 billion to the aggregate pool.
Timelines and Extended Windows for Borrowings
While the window for FCNR(B) deposits shut at the end of August following prior announcements on August 14, 2026, corporate borrowers still have room to utilise the scheme. The RBI confirmed that the swap facility remains open up to December 31, 2026, specifically for ECBs and OFCBs.
Financial markets are closely tracking these figures, though the central bank noted that the reported numbers remain provisional, pending final accounting, reconciliation, and formal reporting.
