International Banking Units at Gujarat International Finance Tec-City sanctioned $54.02 billion under the Reserve Bank of India's FCNR(B) swap facility by Aug. 31, with $52.82 billion already disbursed, according to sources.
That translates into nearly 98% utilisation, underscoring the strong uptake of the RBI's forex swap window among banks operating through the International Financial Services Centre.
The number of International Banking Units participating in the facility rose to 20 from 14 in mid-July, the sources said. Sanctions also surged from $4.1 billion on July 15 to $54.02 billion by Aug. 31.
The development comes as the RBI reported $136.4 billion of foreign-currency inflows through its special swap facility as of Aug. 31, with FCNR(B) deposits accounting for $127.2 billion.
International Banking Units also disbursed $11.62 billion through external commercial borrowings between April and August 2026, according to the sources.
Indian banks raised a further $11.12 billion through bond issuances on IFSC exchanges during the period.
Taken together, these funding channels mobilised more than $75.5 billion, the sources said.
The RBI launched the USD-INR swap facility on June 8, covering FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings. The FCNR(B) window remained open until Aug. 31, while the ECB and OFCB windows will continue until Dec. 31.
The Finance Ministry said on Aug. 24 that the facility had mobilised $73 billion by Aug. 21, including $65.4 billion through FCNR(B) deposits. It said the response had exceeded the scale of the RBI's 2013 FCNR(B) swap scheme, which raised about $26 billion.
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