New Delhi: The Reserve Bank of India’s special USD-INR forex swap facility has mobilised US$73 billion in foreign exchange inflows in less than 11 weeks, according to the Ministry of Finance. The facility, launched on June 8, 2026, covers FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB).
As of August 21, FCNR(B) deposits alone accounted for US$65.40 billion of the total inflows.
FCNR(B) Deposits Drive Mobilisation
The RBI facility was designed to mobilise foreign-currency resources through eligible banking channels. The response from non-resident depositors has accounted for the bulk of the inflows recorded so far.
Key figures
- Total forex inflows: US$73 billion
- FCNR(B) deposits: US$65.40 billion
- Facility launched: June 8, 2026
- Inflows recorded as of: August 21, 2026
- FCNR(B) window closure: August 31, 2026
The Ministry said the pace of mobilisation has exceeded expectations, with the total reaching US$73 billion with one week still remaining before the revised closure date.
Faster Than the 2013 FCNR(B) Scheme
The latest mobilisation has surpassed the scale of the RBI’s previous FCNR(B) swap scheme introduced in 2013.
Including:
- The 2013 FCNR(B) swap scheme mobilised about US$26 billion.
- The amount was raised over approximately three months.
- The 2026 facility has mobilised US$73 billion in under 11 weeks.
The strong response has also led the RBI to advance the closure of the FCNR(B) window from September 30 to August 31, 2026, after the stated objective was achieved ahead of schedule.
What the Facility Covers
The special USD-INR forex swap facility covers three categories of foreign-currency funding:
- FCNR(B) deposits: Foreign Currency Non-Resident (Bank) deposits held by eligible non-residents.
- OFCB: Overseas Foreign Currency Borrowings.
- ECB: External Commercial Borrowings.
The facility enables participating banks to access the swap arrangement while mobilising foreign-currency resources through these channels.
Indian Diaspora’s Response
The Ministry of Finance attributed the strong response, particularly through FCNR(B) deposits, to the confidence of the Indian diaspora in the country’s banking system and economy.
The release said the mobilisation demonstrated the continuing participation of non-resident Indians in India’s economic growth by channeling their savings into FCNR(B) deposits.
The government said the mobilisation has also strengthened India’s external buffers through long-term non-resident deposits and institutional funding.
RBI Advances FCNR(B) Window Closure
With the facility having already mobilised US$73 billion by August 21, the FCNR(B) window will now close on August 31, one month earlier than the original September 30 deadline.
The latest figures therefore mark a significantly larger and faster mobilisation than the RBI’s 2013 FCNR(B) swap exercise, according to the government.
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