RBI's FCNR-B deposit facility attracts over $127 billion

The Reserve Bank of India (RBI) said its special US dollar-Indian rupee (USD-INR) forex swap facility has received forex inflows of over 136 billion US dollars till August 31, 2026. Of the total inflows, Foreign Currency Non-Resident (Bank) [FCNR-B] deposits accounted for the overwhelming majority, amounting to 127.2 billion US dollars. Meanwhile, Overseas Foreign Currency Borrowings (OFCBs) brought in 5.26 billion US dollars and External Commercial Borrowings (ECBs) contributed 3.89 billion US dollars. RBI introduced the special USD-INR forex swap facility covering FCNR(B) deposits, ECBs and OFCBs inflows on June 8, 2026. The swap facility, announced to boost the inflow of dollars amid a weakening rupee, was originally available until the end of September, but it was shortened by a month due to the encouraging response to the facility. The scheme has now been closed for FCNR(B) deposits, while the facility for ECBs and OFCBs remains available until December 31, 2026.