Foreign currency inflow under RBI's swap facility reached $136,377 million
Under the Reserve Bank of India's special USD-INR forex swap facility, the provisional foreign currency inflow figure stands at $136,377 million as of August 31, 2026. This scheme remains open for FCNR(B) deposits until August 31, 2026, while it is applicable for ECB and OFCB inflows until December 31, 2026.
Highlights
- Under RBI's special USD-INR forex swap facility, foreign currency inflow reached $136,377 million, with the largest share coming from FCNR(B) deposits.
- As of August 31, 2026, inflows of $127,226 million from FCNR(B) deposits, $5,260 million from OFCBs, and $3,891 million from ECBs have been reported.
- RBI clarified that these inflows are provisional figures, and adjustments may be made after final accounting and reconciliation in the future.
This article was translated from the original. Read the original version by our correspondent here.
Breakdown of inflows under the swap facility
According to the Reserve Bank of India press release, the central bank launched the special USD-INR forex swap facility on June 8, 2026, covering FCNR(B) deposits, External Commercial Borrowings, and Overseas Foreign Currency Borrowings. As per the prior announcement on August 14, 2026, the scheme remains open for FCNR(B) deposits until August 31, 2026, and for ECBs and OFCBs until December 31, 2026.Provisional figures reported by authorized dealer banks as of August 31, 2026, show inflows of $127,226 million from FCNR(B) deposits, $5,260 million from OFCBs, and $3,891 million from ECBs. The total foreign currency inflow reaches $136,377 million.
Impact on the banking sector and forex liquidity
These figures indicate that the largest contribution to this facility so far has come from FCNR(B) deposits, while the share of OFCBs and ECBs remains comparatively smaller. This highlights the role of RBI's swap arrangement in mobilizing foreign currency resources through banks.The RBI also states that these figures are provisional due to pending final reporting, accounting, and reconciliation. Therefore, some changes in the total inflow figures may occur after further adjustments.
Our earlier report on foreign currency mobilization through RBI's FCNR(B) swap window noted that the scheme received a strong response and even showed signs of early closure. The report highlighted the rapid dollar inflow via FCNR(B), rising forex reserves, and the impact on the banking system/bond yields, as well as the potential for further mobilization with the ECB and OFCB channels remaining open.
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