RBI FX Schemes Draw $40.81 Billion

Data released on August 1, 2026 show that the Reserve Bank of India’s targeted foreign-exchange measures have attracted $40.81 billion in cumulative foreign-currency inflows. These inflows are channelled through specific RBI-supported windows designed to bring overseas capital into the Indian banking system. The figures highlight the scale of foreign-currency resources mobilised within a relatively short period under these initiatives.

The $40.81 billion total represents capital raised across multiple instruments, each operating under the broader framework of RBI’s foreign-exchange management. By structuring distinct avenues for banks and borrowers to tap non-resident funds, the measures have diversified the sources of foreign currency entering the country. The data provide a snapshot of how different channels are contributing to the overall inflow picture.

Foreign Currency Non-Resident (FCNR(B)) deposits make up the dominant share of the reported inflows. Of the $40.81 billion total, $36.7 billion was mobilised via FCNR(B) deposits placed with Indian banks. These deposits are foreign-currency accounts held by non-residents with Indian banks, and under the current RBI push they have become the primary conduit for overseas capital.

The size of FCNR(B) inflows underscores the strong engagement of non-resident depositors with Indian banks within the framework of the RBI’s targeted measures. Banks have been central in intermediating these funds, aggregating foreign-currency deposits from overseas clients and bringing them into the domestic financial system. This deposit-led channel therefore anchors the overall foreign-currency mobilisation effort.

Beyond deposits, the RBI schemes have also attracted funds through External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings. Swap facilities for ECBs contributed $1.5 billion to the cumulative inflows. Under this route, eligible entities raise foreign-currency loans abroad and use swap arrangements to manage the associated currency exposure, while still adding to the country’s foreign-currency resources.

Overseas Foreign Currency Borrowings supplied a further $2.57 billion, rounding out the remainder of the $40.81 billion reported. This borrowing route enables authorised participants to access foreign-currency funding directly from overseas markets. Taken together, the ECB-related swaps and overseas borrowings complement the FCNR(B) deposits by offering alternative, more market-linked channels for foreign capital to enter the Indian system.

The composition of the inflows shows a clear concentration in deposit-based funding, with FCNR(B) deposits accounting for the vast majority of the $40.81 billion total. At the same time, the presence of ECB swaps and overseas borrowings introduces diversity in the structure of foreign-currency liabilities. This mix balances bank-intermediated deposits with borrowing and swap-based mechanisms tied to international capital markets.

The reported figures indicate that India’s policy framework has been effective in drawing sizeable overseas funds through multiple tailored instruments. By quantifying the contributions of each channel, the data provide a transparent view of how different RBI windows are being used. The inflows strengthen the stock of foreign-currency resources accessible to the Indian financial system under the current policy regime.