RBI Swap-Facility Forex Inflows Reach $136.38 Billion by August 31; FCNR(B) Accounts for $127.23 Billion

The Reserve Bank of India has reported US$136.377 billion of provisional foreign-currency inflows under its special USD-INR forex swap facility through August 31, 2026, with FCNR(B) deposits contributing the overwhelming majority of the total. The fresh data, released on September 2, give finance and treasury teams the clearest end-of-window snapshot yet for the FCNR(B) leg of the facility.

According to the RBI's September 2 press release, Authorised Dealer banks reported US$127.226 billion through Foreign Currency Non-Resident (Bank) deposits, US$5.260 billion through Overseas Foreign Currency Borrowings and US$3.891 billion through External Commercial Borrowings. RBI has expressly marked the figures as provisional and subject to final reporting, accounting and reconciliation.

FCNR(B) deposits account for more than 93% of reported inflows

The latest composition shows how strongly the scheme has been driven by FCNR(B) deposits. On the RBI's provisional figures, FCNR(B) deposits represent about 93.3% of the US$136.377 billion total. ECB and OFCB inflows together account for US$9.151 billion.

- FCNR(B) deposits: US$127.226 billion

- OFCBs: US$5.260 billion

- ECBs: US$3.891 billion

- Total: US$136.377 billion

The scale of the final-August snapshot is also materially higher than RBI's earlier public update. In its August 14 release, the central bank had reported US$56.846 billion of inflows through August 13, comprising US$52.300 billion of FCNR(B) deposits, US$2.805 billion of OFCBs and US$1.741 billion of ECBs. Between those two official snapshots, the reported total increased by US$79.531 billion, or about 140%.

What the special swap facility does

RBI introduced the special USD-INR forex swap facility on June 8, 2026 for eligible inflows linked to FCNR(B) deposits, ECBs and OFCBs. The mechanism was designed to provide a defined swap window with the central bank for these foreign-currency inflows, making the facility relevant to banks, corporate treasury teams and borrowers managing foreign-currency funding and rupee liquidity.

RBI subsequently changed the timetable for the FCNR(B) component. Its August 14 announcement said the facility would apply to FCNR(B) deposits mobilised only up to August 31, 2026, while swaps relating to those eligible deposits may be availed with RBI up to September 11, 2026. The ECB and OFCB components remain open until December 31, 2026.

Why the August 31 figure matters for finance teams

For banks, the release provides a provisional measure of how much foreign-currency funding was mobilised under the special window before the FCNR(B) mobilisation cut-off. That matters for balance-sheet and liquidity analysis because FCNR(B) deposits are foreign-currency liabilities of banks, while the swap facility affects how the associated currency exposure and rupee liquidity are managed.

For companies using overseas borrowing routes, the story is not over. Although the FCNR(B) mobilisation window has closed, RBI has kept the facility available for eligible ECB and OFCB inflows through December 31. Corporate finance teams considering foreign-currency borrowing therefore need to distinguish the closed FCNR(B) deposit deadline from the still-open ECB and OFCB window.

The September 2 data also should not be treated as the final audited amount. RBI's footnote is important: the US$136.377 billion total remains pending final reporting, accounting and reconciliation. Any internal reporting, market commentary or management presentation should therefore identify it as a provisional figure rather than a settled final number.

The immediate compliance and treasury point is date-sensitive. FCNR(B) deposits eligible for the special facility had to be mobilised by August 31, although eligible swaps may still be taken with RBI up to September 11. ECB and OFCB users have a longer runway, with that portion of the scheme continuing to December 31. Finance professionals should use the September 2 RBI release as the current provisional benchmark for inflows and continue watching for any final reconciled data or further operational guidance.

Key takeaway

Same-day RBI data provides a fresh, number-rich update with high relevance to FCNR(B), ECB, OFCB, banking liquidity and treasury searches, while materially updating earlier August snapshots.