RBI's forex swap window draws $136.37 billion, FCNR (B) leads inflows

FCNR(B) deposits accounted for $127.22 billion of the total inflows, while overseas foreign currency borrowings added $5.26 billion and ECBs $3.89 billion

The Reserve Bank of India's (RBI's) special USD-INR forex swap facility attracted total inflows of $136.37 billion as of August 31, 2026, according to data released by the central bank on Saturday.

 

FCNR(B) deposits emerged as the dominant contributor, accounting for $127.22 billion of the total inflows, nearly 90 per cent of the overall figure. OFCBs added $5.26 billion, while ECBs brought in $3.89 billion.

 

The facility, introduced on June 8, 2026, was designed to channel foreign currency inflows through three routes: FCNR(B) deposits, external commercial borrowings (ECBs), and overseas foreign currency borrowings (OFCBs).

 

The window for FCNR(B) deposits closed on August 31, 2026, while ECBs and OFCBs remain eligible under the facility until December 31, 2026. Meanwhile, banks can avail of the swap facility for deposits already contracted until September 11. The swap deposits have a minimum maturity of three years and a maximum maturity of five years, with most inflows coming under the five-year category.