RBI Forex Swap Scheme Pulls In $72.85 Billion, FCNR(B) Deposits Drive Inflows

National News (22 August 2026): The Reserve Bank of India’s special USD-INR foreign exchange swap facility has attracted foreign currency inflows of $72.848 billion through August 21, underscoring strong participation from banks and eligible entities ahead of the deadline for mobilising FCNR(B) deposits.

According to data released by the Reserve Bank of India (RBI), authorised dealer banks reported aggregate inflows of $72,848 million under the facility as of August 21. The bulk of the mobilisation has come through Foreign Currency Non-Resident (Bank) or FCNR(B) deposits, which contributed $65.397 billion.

The central bank had introduced the special swap facility on June 8, 2026, covering foreign currency inflows associated with FCNR(B) deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs). The initiative is aimed at facilitating foreign currency mobilisation while providing participating entities access to the RBI’s swap mechanism.

FCNR(B) deposits dominate mobilisation

FCNR(B) deposits have emerged as the principal source of funds under the scheme. At $65.397 billion, they account for roughly 89.8% of the total inflows reported so far.

The strong contribution from FCNR(B) deposits indicates that the facility has received substantial traction among eligible non-resident deposit mobilisation channels. FCNR(B) accounts allow eligible non-residents to maintain deposits in permitted foreign currencies, with the deposits carrying foreign currency exposure rather than direct rupee exposure.

The latest figures come just days before the August 31, 2026 closing date for the FCNR(B) component of the swap scheme.

OFCBs and ECBs contribute nearly $7.5 billion

The other two components have also generated significant foreign currency mobilisation.

Overseas Foreign Currency Borrowings (OFCBs) accounted for $4.860 billion, representing about 6.7% of the total reported inflows. Meanwhile, External Commercial Borrowings (ECBs) contributed another $2.591 billion, or approximately 3.6% of the aggregate.

Combined, OFCBs and ECBs have brought in around $7.451 billion through the facility.

The data show that while the FCNR(B) window has generated the overwhelming share of mobilisation, the borrowing-related components are also contributing to the overall foreign currency inflow pool.

Separate deadlines for deposits and borrowings

The RBI has prescribed different closing dates for the three components of the facility. The window for FCNR(B) deposits remains open until August 31, 2026, while the facilities relating to ECBs and OFCBs will remain available until December 31, 2026.

The RBI had already announced the respective timelines in its communication dated August 14, 2026, and the latest data provide an interim picture of mobilisation under the programme.

What the numbers indicate

The scale of mobilisation—nearly $72.85 billion in total—makes the FCNR(B) component particularly significant in the current foreign exchange landscape. With more than four-fifths of the total coming from FCNR(B) deposits, the scheme’s immediate impact has been concentrated in the non-resident deposit segment.

The figures also provide an indication of the response to the central bank’s effort to channel foreign currency resources through a structured swap arrangement. The RBI’s latest disclosure is based on returns submitted by Authorised Dealer Banks and represents the inflows reported under the specified facility up to August 21.

The central bank’s reporting framework separately tracks FCNR(B) deposits, ECBs and OFCBs mobilised through the swap facility, allowing the contribution of each source to be assessed.

RBI scheme enters crucial phase

With the FCNR(B) mobilisation deadline less than two weeks away, the latest numbers place the focus on how much additional foreign currency can be raised before August 31. The ECB and OFCB components, meanwhile, have a substantially longer mobilisation window and will remain open through the end of December.

The RBI’s latest disclosure was issued as Press Release 2026-2027/948 and was signed by Brij Raj, Chief General Manager.

The central bank’s official website also lists dedicated information and reporting material relating to the swap facility for FCNR(B) deposits and the facilities for ECBs and OFCBs, providing further regulatory context for the programme.

Dear Readers and Viewers, Please note that tennews.in: National News Portal daily publishes latest and top ten news from government, politics, national, business, education, technology, lifestyle, entertainment, health etc ten categories. You may submit your e mail and subscribe it to get updates on your e mail.  Please also subscribe TEN NEWS NATIONAL YouTube Channel.