Foreign Currency Non-Resident (Bank), or FCNR(B), deposits accounted for the largest share of the inflows at $132.98 billion. Overseas Foreign Currency Borrowings (OFCBs) contributed $5.32 billion, while External Commercial Borrowings (ECBs) brought in another $5.296 billion.
The RBI introduced the special USD-INR forex swap facility on June 8, 2026, covering eligible FCNR(B) deposits, ECBs and OFCBs. The facility was designed to encourage foreign currency inflows into the Indian banking system and support foreign exchange liquidity amid pressure on the rupee.
The FCNR(B) deposit window closed on August 31, 2026, after banks attracted a strong response. However, the swap facility for ECBs and OFCBs remains available until December 31, 2026.
The latest inflow figure is substantially higher than the amount raised under a similar RBI initiative in 2013. The strong mobilisation was partly supported by banks offering competitive interest rates to attract FCNR(B) deposits from overseas customers.
With more than $143.5 billion mobilised through the facility, the scheme has provided a significant source of foreign currency inflows for India’s banking system. The remaining window for ECB and OFCB-related inflows will continue to be monitored as global interest rates and foreign borrowing conditions evolve.
