RBI's USD-INR Swap Facility Sparks Unprecedented Forex Inflows into India, Banks Raise USD 73 Billion in eleven weeks

The Ministry of Finance announced that the Reserve Bank of India's special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings, and External Commercial Borrowings, launched on June 8, 2026, mobilized US $73 billion in foreign exchange inflows as of August 21, 2026. FCNR(B) deposits accounted for US $65.40 billion of this total. Mobilized in under eleven weeks, this exercise surpassed the RBI's 2013 FCNR(B) swap scheme, which raised about US $26 billion over three months. Consequently, the RBI advanced the closure of the FCNR(B) window from September 30 to August 31, 2026. The Ministry stated that the inflows fortified India's external buffers.