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 FCNR(B) figure covers deposits mobilised until 31 August.
The RBI introduced the special USD-INR forex swap facility, covering FCNR(B) deposits, external commercial borrowings and overseas foreign-currency borrowings, on 8 June 2026. 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 RBI absorbed the entire hedging cost on the principal of FCNR(B) deposits with maturities of three to five years, Deccan Chronicle reported.
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.