RBI swap facility attracts $72.85 billion in foreign exchange inflows

The Reserve Bank of India (RBI) reported that its special USD-INR foreign exchange swap facility attracted $72.848 billion in inflows as of August 21, 2026. The initiative, launched on June 8, 2026, aims to strengthen India’s external sector and support foreign exchange liquidity.

Foreign Currency Non-Resident (Bank) deposits, known as FCNR(B), were the primary driver, contributing $65.397 billion, or approximately 89.8% of the total. Other significant contributors included Overseas Foreign Currency Borrowings (OFCBs) at $4.86 billion and External Commercial Borrowings (ECBs) at $2.591 billion.

Major Indian banks, including ICICI, Kotak Mahindra, IDFC FIRST, HDFC, and Bank of Baroda, have been active in mobilizing these funds. In 2026, Indian banks have raised $12 billion from international markets, part of a total $17 billion in foreign debt raised by India this year. The deadline for FCNR(B) deposits under the swap scheme was recently moved up to August 31, 2026, while the window for ECBs and OFCBs remains open until December 31, 2026.