New Delhi: The Reserve Bank of India’s special USD-INR foreign exchange swap facility has mobilised $73 billion in foreign exchange inflows in under eleven weeks, following strong participation through non-resident deposits and overseas borrowings.
The facility, launched on June 8, 2026, covers Foreign Currency Non-Resident (Bank), or FCNR(B), deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB). The $73 billion mobilisation was recorded as of August 21, the Ministry of Finance said.
FCNR(B) deposits accounted for $65.40 billion of the total inflows, making them the largest component of the mobilisation under the facility. The Finance Ministry attributed the response to strong participation by non-resident Indians.
Following the inflows, the RBI has advanced the closure of the FCNR(B) window from September 30 to August 31, 2026. The change applies specifically to the FCNR(B) window, with the government saying the objective of the facility had been achieved ahead of schedule.
The Finance Ministry said the latest mobilisation has surpassed the scale and pace of the RBI’s 2013 FCNR(B) swap scheme, which had raised about $26 billion over roughly three months. In comparison, the current facility reached $73 billion in less than eleven weeks.
The swap facility is designed to facilitate foreign-currency mobilisation through FCNR(B) deposits and eligible overseas borrowings while providing participating entities access to a USD-INR swap arrangement with the RBI.
According to the Finance Ministry, the inflows have strengthened India’s external financial buffers by bringing in large-scale non-resident deposits and institutional funding. The ministry also said the response reflected confidence among the Indian diaspora in the country’s banking system and economy.
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