Foreign Currency Inflows Surge: FCNR(B) Deposits Drive Massive $40 Billion Mobilization under RBI Swap Facility
The Reserve Bank of India (RBI) has released crucial data detailing the mobilization of forex inflows through its specialized swap facility. As of July 31, 2026, the total inflow mobilized stands at a significant ₹40,816 million USD, primarily driven by Foreign Currency Non-Resident (B) deposits and External Commercial Borrowings.The reporting underscores the effectiveness of the central bank’s initiative in encouraging foreign currency inflows into the domestic financial system. This facility provides concessional swaps for various instruments designed to bolster forex reserves and provide liquidity support across the banking sector.
Understanding the RBI Swap Facility Timeline
RBI operationalized the specific swap facility on June 08, 2026, having initially announced it on June 05, 2026. This structured initiative aims to facilitate stable foreign currency liquidity for Authorized Dealer Banks and the broader market.The deadlines set for different instrument types provide clear strategic timelines for participants. FCNR(B) deposits are available up until September 30, 2026. For Overseas Foreign Currency Borrowings (OFCBs) and ECBs, the operational window extends until December 31, 2026.
Breakdown of FCNR(B), OFCB, and ECB Mobilizations
The data compiled from Authorized Dealer Banks reveals a strong concentration in the deposit segment. The overall total mobilized amount stands at $40,816 million USD across all categories as of July 31, 2026.FCNR(B) Deposits represent the largest component of this mobilization, accumulating $36,725 million USD. This substantial inflow demonstrates strong confidence and participation from non-resident depositors in the domestic market.
The facility also saw robust activity in derivative credit instruments. OFCBs mobilized a solid amount of $2,575 million USD. External Commercial Borrowings (ECBs) contributed $1,516 million USD towards the total mobilization figure.
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