New Delhi, India: The Reserve Bank of India’s special USD-INR forex swap facility has attracted US$73 billion in foreign exchange inflows in less than eleven weeks, with FCNR(B) deposits accounting for US$65.40 billion of the total.
The facility, launched on June 8, 2026, covers FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB). According to the Ministry of Finance, the total foreign exchange mobilisation had reached US$73 billion as of August 21, 2026.
FCNR(B) deposits made up the largest share of the inflows, at US$65.40 billion. The response has been driven largely by non-resident Indians, whose participation has resulted in foreign-currency savings being channelled into the Indian banking system at a pace that exceeded expectations.
The scale of the mobilisation also stands out when compared with the RBI’s earlier FCNR(B) swap exercise in 2013. That programme raised about US$26 billion over roughly three months. The latest facility has therefore generated substantially larger inflows in a considerably shorter period.
The strong response has also prompted the RBI to bring forward the closure of the FCNR(B) window. The facility was originally scheduled to remain open until September 30, 2026, but the closing date has now been advanced to August 31, 2026, after the scheme achieved its stated objective ahead of schedule.
The Ministry of Finance said the mobilisation has helped strengthen India’s external buffers by securing large-scale, long-term non-resident deposits and institutional funding. The response has been described as a reflection of confidence among the Indian diaspora in the country’s banking system and economy.
The latest figures also highlight the scale and speed at which foreign-currency resources have moved into India through the facility. With another week remaining when the US$73 billion figure was recorded, the exercise has already surpassed the amount mobilised through the 2013 programme.
The development comes against a challenging global financial backdrop, with the government highlighting the inflows as an indication of continued confidence in India’s economic and financial institutions.
Source: This article is based on an official press release issued by the Press Information Bureau (PIB), Ministry of Finance, Government of India
Press Release: Press Information Bureau
