RBI’s special forex swap facility draws over ₹3.89 lakh crore by July-end; FCNR(B) deposits dominate inflows
The Reserve Bank of India’s (RBI) special foreign exchange swap facility has attracted USD 40.816 billion in forex inflows as of July 31, 2026, almost doubling from USD 20.718 billion reported on July 17. The sharp increase highlights the strong response to the central bank’s initiative aimed at boosting foreign currency inflows and reinforcing India’s balance of payments.
According to the RBI’s latest data, Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits remained the primary source of inflows, contributing USD 36.725 billion. Overseas Foreign Currency Borrowings (OFCBs) accounted for USD 2.575 billion, while External Commercial Borrowings (ECBs) added another USD 1.516 billion. Combined, these three channels lifted the total forex mobilisation under the facility to USD 40.816 billion by July 31.
Compared with the USD 20.718 billion recorded on July 17, the latest figure marks an increase of USD 20.098 billion, representing growth of nearly 97% in just two weeks. As of July 17, FCNR(B) deposits stood at USD 17.406 billion, OFCB inflows at USD 1.970 billion and ECB inflows at USD 1.342 billion.
The substantial jump during the fortnight was driven primarily by FCNR(B) deposits, which surged by USD 19.319 billion, rising from USD 17.406 billion to USD 36.725 billion. During the same period, OFCB inflows increased by USD 605 million, while ECB inflows grew by USD 174 million.
The RBI unveiled the concessional swap facility on June 5, 2026, and made it operational from June 8 to encourage foreign currency inflows and strengthen the country’s external sector by improving the balance of payments.
Under the scheme, fresh FCNR(B) deposits remain eligible for the concessional swap window until September 30, 2026. Meanwhile, the facility for OFCBs and ECBs will continue to be available through December 31, 2026.
The latest numbers indicate sustained momentum in foreign currency mobilisation under the RBI’s initiative. By the end of July, the facility had garnered nearly USD 41 billion, with FCNR(B) deposits contributing roughly 90% of the overall inflows, making them the dominant source of foreign exchange under the programme.
The RBI said the figures are based on data submitted by Authorised Dealer Banks and reflect the foreign currency inflows mobilised through the central bank’s special swap facility.
