The Reserve Bank of India reported $143.596 billion of foreign-currency inflows through its concessional swap facilities as at 18 September. Foreign Currency Non-Resident Bank deposits supplied $132.98 billion of that total. Overseas foreign-currency borrowings contributed $5.32 billion, while external commercial borrowings added $5.296 billion. The figures quantify the response to facilities designed to attract foreign currency into India.
The central bank offered concessional swap terms across the three channels as part of its management of external liquidity. Reuters independently reported the total after the RBI published the latest breakdown. Eligibility for the FCNR(B) deposit window ended on 31 August. The borrowing windows remain open through 31 December.
DEPOSITS DROVE THE INFLOWS
FCNR(B) deposits accounted for more than nine-tenths of the reported inflows, making them the dominant source under the programme. The two borrowing channels were much smaller but together added more than $10.6 billion. The composition shows that bank deposits, rather than external corporate borrowing, carried most of the initial response.
Concessional swaps allow participating banks or borrowers to exchange foreign currency with the RBI on preferential terms for the specified facility. They can support foreign-exchange liquidity without requiring the central bank to buy every dollar outright in the spot market. The eventual reserve effect depends on how the swaps are structured, retained and unwound.
TWO WINDOWS REMAIN OPEN
The closure of the FCNR(B) window means the largest source of inflows has stopped accepting new eligible deposits under these terms. Overseas foreign-currency borrowing and external commercial borrowing can still add funds before year-end. Their contribution will show whether the programme can continue attracting sizeable inflows without the deposit channel.
The next milestone is the RBI’s subsequent facility update, which should capture additions through the remaining open windows and any revisions to the current total. Markets will also compare those flows with India’s reserve position and currency conditions. The reported figure is a facility total at 18 September, not a guarantee that every dollar will remain permanently in reserves.