FCNR(B) deposits account for $65.40 billion as scheme draws strong response from NRIs
New Delhi, Aug 24 : The Reserve Bank of India’s special USD-INR forex swap facility has mobilised foreign exchange inflows of $73 billion into India as of August 21, 2026, according to the Ministry of Finance.
The facility, launched on June 8, 2026, covers FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB).
FCNR(B) deposits alone accounted for $65.40 billion of the total inflows, reflecting a strong response from Non-Resident Indians (NRIs).
According to the Ministry, the response to the scheme demonstrates the confidence of the Indian diaspora in the country’s banking system and economy, with NRIs channeling their savings into FCNR(B) deposits at a pace that exceeded expectations.
The $73-billion mobilisation in less than 11 weeks, with another week remaining, makes the exercise one of India’s largest and fastest foreign-currency mobilisation initiatives, the Ministry said.
The scale and pace of mobilisation has also surpassed the RBI’s 2013 FCNR(B) swap scheme, which raised around $26 billion over approximately three months.
The strong response has prompted the RBI to advance the closure of the FCNR(B) window from September 30 to August 31, 2026, after the facility achieved its objective ahead of schedule.
The Ministry said the mobilisation of large-scale, long-term non-resident deposits and commercial institutional funding would strengthen India’s external buffers while maintaining cost efficiency.
It said the response reflected the continued confidence of the Indian diaspora in India’s banking sector and their economic and financial stake in the country’s growth.
The Ministry also said the development came against the backdrop of challenges in the global financial landscape and described the strong mobilisation as an indication of the resilience of the Indian economy.
