RBI swap plan draws $72.85bn in FX inflows

As of August 21, 2026, foreign-currency inflows under the Reserve Bank of India’s special USD-INR swap facility reached USD 72.85 billion. The figure is based on reports from authorised dealer banks and reflects the total mobilisation across all eligible channels under the scheme up to that date.

The reported inflows represent the utilisation of three distinct avenues allowed under the facility. These include Foreign Currency Non-Resident (Bank) deposits, overseas foreign currency borrowings, and external commercial borrowings.

Foreign Currency Non-Resident (Bank) deposits are the main driver of the inflows, contributing USD 65.397 billion. This makes FCNR(B) accounts the largest single component of the reported funding under the swap arrangement.

With FCNR(B) deposits providing the bulk of the USD 72.85 billion total, the data indicate that non-resident deposit mobilisation has been the preferred channel for bringing foreign currency into the system under this facility.

Beyond deposits, banks and corporates have also tapped overseas foreign currency borrowings, which stood at USD 4.86 billion as of August 21, 2026. These borrowings form a secondary but meaningful source of foreign funds within the scheme.

External commercial borrowings added a further USD 2.591 billion to the overall tally. Combined, overseas foreign currency borrowings and external commercial borrowings account for about USD 7.451 billion of the inflows reported under the swap facility.

Taken together, the three channels show a clear hierarchy in usage, with FCNR(B) deposits far outstripping borrowing-based routes. The composition underscores how the swap facility has been utilised mainly through deposit inflows, supplemented by offshore borrowing and external commercial borrowing activity.

The August 21, 2026 snapshot provides a consolidated view of how authorised dealer banks and eligible borrowers have used the special USD-INR swap arrangement to mobilise foreign currency. It highlights the relative importance of each channel within the overall USD 72.85 billion inflow total.