New Delhi 22.08.2026: The Reserve Bank of India said Forex inflows under its special swap facility reached $72.85 billion as of August 21, giving the central bank a sizeable boost ahead of the scheme’s deadline for FCNR(B) deposits.

• Reserve Bank of India forex inflows have reached $72.85 billion under the special USD-INR Forex Swap facility.
• FCNR(B) deposits account for $64.40 billion, while OFCBs contributed $4.86 billion and ECBs $2.59 billion.
• The FCNR(B) window closes on August 31, while the ECB and OFCB facility remains open until December 31.

The total inflows, reported by Authorised Dealer Banks, came through three channels: FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings.

The scale of the inflows under the special swap facility offers a useful snapshot of how the RBI has approached pressure on India’s foreign exchange position.

Rather than relying on a single source, the facility brought together FCNR(B) deposits, ECBs and OFCBs, giving eligible channels a defined framework for generating foreign currency.

The composition of the inflows, however, is striking. FCNR(B) deposits have overwhelmingly led the response. At $64.40 billion, they account for most of the $72.85 billion reported by Authorised Dealer Banks through August 21. The contribution from OFCBs stands at $4.86 billion, while ECBs have added $2.59 billion.

That difference isn’t a minor detail. It shows that the three routes haven’t contributed equally to the overall mobilisation. Foreign currency deposits have been the principal source, while the borrowing channels have provided additional support.

The timing of the scheme is equally important. The RBI introduced the special USD-INR Forex Swap facility on June 8, 2026, when the Indian rupee was facing pressure alongside foreign portfolio investor outflows and a high oil import bill. Those factors increased the importance of maintaining adequate foreign exchange availability.

The facility therefore came at a point when foreign currency mobilisation had a direct relevance for the broader external position.

FCNR(B) Deposits Drive RBI Forex Inflows

FCNR(B) deposits accounted for the lion’s share of the RBI forex inflows, contributing $64.40 billion as of August 21.

OFCBs brought in another $4.86 billion, while ECBs accounted for $2.59 billion. Together, the three channels generated $72.85 billion, or $72,848 million, under the Reserve Bank Swap facility.

The numbers highlight the dominant role played by FCNR(B) deposits in the mobilisation of foreign currency under the scheme.

Why the RBI Introduced the Special Swap Facility

The RBI introduced a special USD-INR Forex Swap facility on June 8, 2026, covering FCNR(B) deposits, ECB and OFCB inflows.

The move came as India’s foreign exchange reserves faced pressure amid a depreciation in the Indian rupee. The pressure was linked to foreign portfolio investor outflows and a high oil import bill.

The facility was designed to encourage foreign currency inflows and strengthen the country’s reserve position at a time when external pressures were weighing on the rupee.

Scheme Deadlines Are Now in Sight

The RBI has already announced that the scheme will remain open for FCNR(B) deposits until August 31, 2026.

The window for ECBs and OFCBs remains open for longer, with the facility available until December 31, 2026.

That creates two separate timelines under the same broader forex mobilisation programme. FCNR(B) deposits face the more immediate deadline, while ECB and OFCB inflows can continue through the end of the year.

What the $72.85 Billion Figure Means

The $72.85 billion figure represents foreign exchange generated through the three specified channels under the RBI’s swap facility as reported by Authorised Dealer Banks.

FCNR(B) deposits make up nearly nine-tenths of the total inflow, making them the clear driver of the scheme so far. OFCBs and ECBs account for comparatively smaller portions.

The data also shows how strongly the response has been concentrated in foreign currency deposits rather than borrowing routes.

Why It Matters for India

For India, the mobilisation of foreign currency is particularly important when external pressures affect the rupee and the balance of payments.

The RBI launched the facility against a backdrop of FPI outflows and elevated oil import costs, both of which can increase demand for foreign exchange.

The latest inflow data shows that the special swap facility has generated a substantial pool of foreign currency through its targeted channels.

With the FCNR(B) window set to close on August 31, the next major marker will be the final mobilisation under that portion of the scheme. The ECB and OFCB window, meanwhile, remains available until December 31.

The numbers are clear. FCNR(B) deposits have done most of the heavy lifting, while ECBs and OFCBs have added a smaller but meaningful contribution to the overall $72.85 billion inflow.

The RBI’s latest forex inflow data shows a clear pattern: FCNR(B) deposits are doing the heavy lifting. At $64.40 billion, they account for the overwhelming majority of the $72.85 billion mobilised under the facility. That concentration matters because it shows where the strongest response to the swap mechanism has emerged. ECBs and OFCBs have contributed as well, but on a much smaller scale. With the FCNR(B) window approaching its August 31 deadline, the immediate focus will naturally shift to how much additional foreign currency can be mobilised before it closes. The broader ECB and OFCB window gives the RBI more time through December 31. The takeaway is straightforward: the scheme has generated a substantial foreign currency inflow, and FCNR(B) deposits have been its decisive engine. @shivendraedits