The Reserve Bank of India’s (RBI’s) special USD-INR forex swap facility has attracted a substantial $72.85 billion in total inflows as of August 21, 2026, according to recent data released by the central bank. Launched on June 8, 2026, the facility was structured to channel foreign currency into the domestic economy via three distinct channels: Foreign Currency Non-Resident (Bank) deposits, external commercial borrowings (ECBs), and overseas foreign currency borrowings (OFCBs). FCNR(B) deposits overwhelmingly dominated the contributions, bringing in $65.40 billion—representing nearly 90 percent of all total inflows. Meanwhile, OFCBs generated $4.86 billion and ECBs accounted for $2.59 billion. Looking ahead, the window for submitting FCNR(B) deposits under this special arrangement is set to close on August 31, 2026, whereas the submission windows for ECBs and OFCBs will stay open for eligible institutions through December 31, 2026.
