RBI’s USD-INR Forex Swap Mobilises $73 Billion

As on 21st August 2026, India’s special forex swap scheme recorded $73 billion in foreign exchange inflows.

Key Points

Scheme Launch: The facility was launched on 8 June 2026 for Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs).
Foreign Inflows: The scheme mobilised total foreign exchange inflows of $73 billion.
FCNR(B) Deposits: FCNR(B) deposits contributed $65.40 billion, reflecting strong NRI participation.
Record Mobilisation: The scheme surpassed the 2013 FCNR(B) swap’s $26 billion mobilisation.
Early Closure: RBI advanced the FCNR(B) window’s closure from 30 September to 31 August 2026.
External Buffers: The inflows strengthen India’s foreign exchange reserves and external financial buffers.
NRI Confidence: Strong FCNR(B) participation reflects continued confidence of the Indian diaspora in India’s banking system.