The Reserve Bank of India’s concessional swap facility has attracted USD 20.72 billion in foreign currency inflows till July 17, with FCNR(B) deposits contributing over USD 17.4 billion.
| Photo Credit:
DANISH SIDDIQUI
The Reserve Bank on Monday said its concessional swap facility, introduced to encourage foreign currency inflows, has attracted USD 20.72 billion till July 17.
The swap facility has seen avid interest and attracted steady forex inflows since June 8, 2026, the central bank said in a statement.
A strong mobilisation was witnessed through Foreign Currency Non-Resident (Bank) or FCNR (B) deposits.
Of the total inflows, FCNR (B) deposits accounted for USD 17.406 billion, while Overseas Foreign Currency Borrowings (OFCBs) contributed USD 1.97 billion and External Commercial Borrowings (ECBs) amounted to USD 1.342 billion.
Facility aims to strengthen balance of payments
“With a view to strengthening our balance of payments and incentivising capital inflows, the RBI had announced a series of measures, including a facility for offering concessional swaps for fresh FCNR(B) deposits, OFCB and ECB inflows on June 5, 2026,” the central bank said.
The Reserve Bank of India (RBI) had introduced the swap facility on June 5, 2026, as part of a host of measures to strengthen India’s balance of payments and incentivise capital inflows.
The facility was operationalised on June 8, 2026, and is available up to September 30, 2026, for the FCNR (B) deposits and up to December 31, 2026, for the OFCBs and ECBs.
The measures were announced as part of the RBI’s efforts to strengthen India’s external sector position and support foreign exchange liquidity amid global market uncertainties.
Banks expect stronger inflows before deadline
According to some initial estimates, the schemes could yield inflows of up to USD 70 billion in forex through the window, but of late, there have been some voices that have gone public with some doubts.
Banks remain optimistic of a sharp pick-up in foreign currency non-resident (FCNR-B) deposits before the RBI’s September 30 deadline for the special scheme, despite initial inflows falling below expectations.
Published on July 20, 2026
