RBI swap facility draws $56.8 bn forex inflows; FCNR(B) window set till Aug 31

India received strong forex inflows under the Reserve Bank of India’s special USD-INR forex swap facility, with authorised dealer banks reporting a total of **USD 56,846 million** as of **August 13, 2026**. The facility, introduced on **June 8, 2026**, covers three channels: **FCNR(B) deposits**, **External Commercial Borrowings (ECBs)** and **Overseas Foreign Currency Borrowings (OFCBs)**.

According to the RBI’s update, inflows were led by **FCNR(B) deposits at USD 52,300 million**, followed by **OFCBs at USD 2,805 million** and **ECBs at USD 1,741 million**. The scale and composition of these inflows point to healthy participation by banks and borrowers, and reflect a constructive response from overseas depositors and lenders.

What the latest RBI update shows The RBI’s press release provides a snapshot of how the swap facility is being utilised across instruments:

• **FCNR(B) deposits:** USD 52,300 million
• **OFCBs:** USD 2,805 million
• **ECBs:** USD 1,741 million
• **Total:** **USD 56,846 million**

FCNR(B) inflows dominate the picture, indicating that foreign currency deposits raised by banks from non-resident Indians (NRIs) are a key source of the reported forex additions under the scheme. ECBs and OFCBs, while smaller in reported size so far, add useful diversification to the inflow mix.

The RBI described the response to the FCNR(B) swap facility as encouraging, noting the resultant forex inflows. This kind of transparent, periodic reporting helps markets and stakeholders track the pace of inflows and plan funding strategies with greater confidence.

Timelines: FCNR(B) window narrowed; ECB and OFCB scheme continues Based on the inflow response, the RBI has decided that the **swap facility for FCNR(B) deposits will be available only for deposits mobilised till August 31, 2026**.

At the same time, banks that mobilise eligible FCNR(B) deposits can **avail the swap with the RBI till September 11, 2026**. In other words, August 31 is the mobilisation deadline for the deposits, and September 11 is the last date to access the swap for those deposits under the facility.

For corporates and other eligible borrowers looking at overseas funding, the RBI said that the **scheme for ECBs and OFCBs will continue to be open till December 31, 2026**, as earlier.

This split timeline can be read as a calibrated approach: tightening the window where inflows have already been robust (FCNR(B)), while keeping other channels available for longer to support planned borrowing programmes and diversified forex inflows through the rest of the year.

What it could mean for banks, borrowers and the broader economy For banks, FCNR(B) deposits are a way to tap stable foreign currency resources, particularly from the NRI community. Clear timelines can help banks plan mobilisation efforts, pricing, and customer outreach, while also aligning treasury operations around the swap availability.

For borrowers, the continuation of the ECB and OFCB facility till end-December offers time to execute funding plans in an orderly manner. By keeping these windows open, the RBI enables corporates to access overseas capital as per their needs, subject to applicable regulations and risk management.

At a macro level, such inflows can provide an additional buffer of foreign exchange, supporting orderly market conditions and confidence in India’s external sector management.

**Why it matters:** Strong, well-timed forex inflows can help improve liquidity and stability in currency markets, while giving banks and Indian borrowers clearer planning horizons. The RBI’s calibrated deadlines balance responsiveness with prudence, supporting confidence without overstretching the facility.