Daijiworld Media Network - New Delhi
New Delhi, Aug 1: The Reserve Bank of India (RBI) on Saturday said its concessional foreign exchange swap facility has attracted overseas currency inflows of $40.816 billion since its launch in June, with Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits accounting for the bulk of the mobilisation.
According to data received from authorised dealer banks, total inflows under the facility stood at $40.816 billion as of July 31. FCNR(B) deposits contributed $36.725 billion, while Overseas Foreign Currency Borrowings (OFCBs) accounted for $2.575 billion and External Commercial Borrowings (ECBs) brought in $1.516 billion.
The RBI said the swap facility has witnessed strong interest and steady foreign exchange inflows since it became operational on June 8, 2026.
The central bank had announced the concessional swap facility on June 5, 2026, for fresh FCNR(B) deposits, OFCBs and ECB inflows. The scheme is available until September 30, 2026, for FCNR(B) deposits and until December 31, 2026, for OFCBs and ECBs.
According to a recent SBI Research report, India is expected to receive FCNR(B) deposits of $65-70 billion by the end of the RBI scheme on September 30, with total inflows under the facility projected to reach $80-85 billion.
The report noted that FCNR(B) deposits had already crossed the 2013 mobilisation level of $26 billion within just 45 days of the scheme's launch.
Earlier RBI data showed that FCNR(B) deposits worth $17.4 billion had been mobilised by July 17, with the trend indicating that public sector banks have been the key drivers of the inflows.
SBI Research said a significant proportion of FCNR(B) deposits maturing in August and September 2026 are expected to be renewed under the new scheme, supported by higher interest rates, further boosting inflows.
The report added that public sector banks, led by larger lenders, have been spearheading the mobilisation by leveraging their strong customer relationships, broad overseas presence and a balanced onshore-offshore strategy to attract fresh deposits.