The Reserve Bank of India (RBI) said banks have mobilised $56.85 billion in foreign exchange inflows under its special USD-INR forex swap facility for FCNR(B) deposits, external commercial borrowings (ECBs) and overseas foreign currency bonds (OFCBs) as of August 13, 2026.
The RBI had introduced the special USD-INR forex swap facility on June 8, 2026, covering FCNR(B) deposits, ECBs and OFCB inflows.
According to data reported by authorised dealer banks, FCNR(B) deposits accounted for the bulk of the inflows at $52.3 billion as of August 13. OFCBs contributed $2.805 billion, while ECBs accounted for $1.741 billion. Total forex inflows under the facility stood at $56.846 billion.
FCNR(B) Swap Facility To Close For New Deposits On Aug 31
The RBI said that, based on the encouraging response to the swap facility for FCNR(B) deposits and the resultant forex inflows, the facility will be available only for deposits mobilised until August 31, 2026.
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However, swaps against these FCNR(B) deposits can be availed with the RBI until September 11, 2026.
This means banks can mobilise FCNR(B) deposits under the special facility until August 31, while the corresponding swaps can be undertaken with the central bank until September 11.
The RBI said the scheme covering ECBs and OFCBs will continue to remain open until December 31, 2026, as hitherto.
The latest data show that FCNR(B) deposits have been the dominant source of foreign exchange inflows under the special facility, accounting for more than 90% of the total $56.85 billion mobilised through the three channels.
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