RBI reports $136.4 billion in provisional forex inflows under special swap facility
What happened
The Reserve Bank of India released provisional data showing $136.38 billion in total foreign exchange inflows reported by Authorised Dealer Banks under its special USD-INR forex swap facility as of August 31, 2026. The facility, launched on June 8, 2026, generated $127.23 billion from FCNR(B) deposits, $5.26 billion from Overseas Foreign Currency Borrowings, and $3.89 billion from External Commercial Borrowings.
Why it matters
FCNR(B) deposit inflows accounted for over 93% of total funds collected under the facility. Because the window for FCNR(B) deposits closed on August 31, 2026, the vast majority of total inflows under the swap program have likely materialized, though official figures remain subject to final reporting, accounting, and reconciliation.
Bigger picture
The structure demonstrates the central bank's mechanism for managing foreign currency reserves through targeted capital channels. By establishing separate timelines for deposit channels versus corporate and bank borrowing, the Reserve Bank of India kept the swap facility open for external commercial borrowings and overseas foreign currency borrowings through December 31, 2026.
Watch next
Final accounting and reconciliation of the August 31 totals, alongside subsequent inflow reports for External Commercial Borrowings and Overseas Foreign Currency Borrowings as their window remains open through December 31, 2026.