RBI’s Concessional Forex Swap Window Draws USD 143.5 Bn
RBI’s concessional forex swap window draws USD 143.5 billion in inflows, led by FCNR(B) deposits.
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The Reserve Bank of India said inflows through its concessional forex swap window, operationalised on June 8, 2026, had crossed $143.5 billion as of September 18, spanning FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs). The FCNR(B) mobilisation figure is as of August 31, when the window for fresh deposits closed.
FCNR(B) deposits accounted for the bulk of the inflows at nearly $133 billion, significantly higher than market estimates of $90-100 billion. The RBI had earlier reported on September 2 that banks had mobilised a little over $127 billion through FCNR(B) deposits by August 31.
While the FCNR(B) window has closed, the swap facility remains open for OFCBs and ECBs until December 31, 2026. The scheme was introduced to boost dollar inflows and support the rupee amid currency depreciation pressures.
The Reserve Bank of India said inflows through its concessional forex swap window, operationalised on June 8, 2026, had crossed $143.5 billion as of September 18, spanning FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs). The FCNR(B) mobilisation figure is as of August 31, when the window for fresh deposits closed.
FCNR(B) deposits accounted for the bulk of the inflows at nearly $133 billion, significantly higher than market estimates of $90-100 billion. The RBI had earlier reported on September 2 that banks had mobilised a little over $127 billion through FCNR(B) deposits by August 31.
While the FCNR(B) window has closed, the swap facility remains open for OFCBs and ECBs until December 31, 2026. The scheme was introduced to boost dollar inflows and support the rupee amid currency depreciation pressures.
