The Reserve Bank of India's (RBI) special USD-INR forex swap facility has successfully attracted a substantial $72.848 billion in foreign exchange inflows, according to data released by the central bank on Saturday, August 22, 2026. This initiative, introduced on June 8, 2026, aims to bolster India's foreign currency reserves through various channels.
FCNR(B) Deposits Lead the Surge
A significant portion of these inflows, specifically $65.397 billion, has come through Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits. This figure represents nearly 90% of the total funds mobilized under the facility as of August 21, 2026, highlighting the dominant role of non-resident Indian deposits in strengthening the nation's forex position.
Other components of the total inflow include $4.860 billion from Overseas Foreign Currency Borrowings (OFCBs) and $2.591 billion from External Commercial Borrowings (ECBs). Combined, OFCBs and ECBs contributed $7.451 billion to the overall facility.
Upcoming Closure for FCNR(B) Window
The RBI has set August 31, 2026, as the closing date for the FCNR(B) deposit window under this special facility. This provides a limited timeframe for banks and eligible participants to attract further foreign currency deposits through this specific route. In contrast, the facility for ECBs and OFCBs will remain open until December 31, 2026, allowing a longer period for inflows via these borrowing channels.
These latest figures offer a crucial snapshot of the foreign exchange resources accumulated through the RBI's swap facility, particularly as the FCNR(B) component approaches its conclusion. The central bank's data, reported by authorized dealer banks, does not provide a detailed breakdown of individual banks or specific transaction terms.