RBI Dollar Swap Scheme Exceeds Estimate, Draws $136.38 Bn Inflow
As of August 31, 2026, inflows of $127.226 billion were recorded through Foreign Currency Non-Resident (Bank)
Sept 3, 2026 - The Reserve Bank of India’s (RBI) special initiative to raise dollars aimed at supporting the rupee and increasing the availability of foreign currency in the country has proven a major success with a thumping inflow which is higher by around $27 billion than the RBI’s initial estimate of $100 billion.
The RBI had announced on June 8, 2026, that it would introduce a special US dollar swap facility to encourage FCNR(B) deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs).
Investors have given an overwhelming response to this scheme and based on RBI's provisional data on Wednesday, as of August 31 inflows of $127.23 billion have been recorded through Foreign Currency Non-Resident (Bank) or FCNR(B), deposits. According to the data, $3.89 billion flowed in through ECBs, while $5.26 billion had come through OFCBs. This means that the total foreign currency inflow through all three channels stood at $136.38 billion.
The deadline for mobilising funds through FCNR(B) deposits was initially set for September 11, but owing to the massive surge in deposits, with more than $63 billion flowing in in the last 10 days, the FCNR (B) deposit deadline was brought forward to August 31. Meanwhile, the swap facility on these deposits can still be availed until September 11.
The success of this scheme has consolidated the foreign exchange reserves and given a significant boost to the banking system liquidity.
With Media Inputs
