RBI Forex Swap: $56.85B Inflow Before Closure
By ThePip Desk
The Reserve Bank of India’s USD-INR forex swap facility successfully attracted $56.85 billion, mainly from FCNR(B) deposits, before its August 31 closure.
The Reserve Bank of India (RBI) confirmed that its specialized USD-INR forex swap facility has successfully mobilized $56.85 billion in foreign exchange inflows as of August 13, 2026. This significant influx was achieved through a mechanism designed to attract various types of overseas capital.
Introduced on June 8, 2026, the facility specifically targeted inflows from FCNR(B) deposits, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Bonds (OFCBs).
Understanding the Inflow Contributions
The majority of these mobilized funds originated from FCNR(B) deposits, underscoring their critical role in the scheme’s success.
- FCNR(B) deposits contributed $52.3 billion, accounting for over 90% of the total inflows.
- OFCBs added $2.805 billion to the overall foreign exchange.
- ECBs brought in $1.741 billion through the facility.
Facility Conclusion and Ongoing Schemes
Due to the encouraging response, the RBI has decided to conclude the FCNR(B) swap facility for any new deposits mobilized after August 31, 2026. However, banks will retain the ability to avail corresponding swaps with the RBI for these specific deposits until September 11, 2026.
Conversely, the schemes for External Commercial Borrowings and Overseas Foreign Currency Bonds will remain active and available until December 31, 2026.