RBI swap facility attracts over USD 20.7 billion in forex inflows till July 17
New Delhi, July 20
The Reserve Bank of India's special swap facility has attracted more than USD 20.7 billion in foreign exchange inflows till July 17, reflecting strong investor response to the central bank's measures aimed at strengthening the country's balance of payments.
In a press release issued on Monday, the RBI said the swap facility, introduced in June to encourage foreign currency inflows, "has seen avid interest and attracted steady forex inflows since June 8, 2026."
The central bank said the facility was announced on June 5 and operationalised on June 8 "with a view to strengthen our balance of payments and incentivise capital inflows." It covers fresh Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs).
According to data released by the RBI, the total forex inflows mobilised under the facility stood at USD 20.718 billion as of July 17.
Of the total, FCNR(B) deposits accounted for USD 17.406 billion, making up the bulk of the inflows. Overseas Foreign Currency Borrowings contributed USD 1.97 billion, while External Commercial Borrowings brought in USD 1.342 billion, the RBI data showed.
The RBI said the figures are "based on the data received from Authorised Dealer Banks" and reflect inflows mobilised under the special swap facility till July 17.
The central bank said the concessional swap facility for FCNR(B) deposits will remain available until September 30, 2026, while the facility for OFCBs and ECBs will continue until December 31, 2026.
The measures were announced by the RBI to support India's external sector by encouraging overseas foreign currency inflows into the country.
— ANI
Reader Comments
Good to see the numbers, but I wonder about the long-term impact. These swaps are temporary (September 2026 for FCNRs, December 2026 for borrowings). What happens when they roll off? Will we have a sudden outflow? Hope RBI has a plan for that. Not just a short-term Band-Aid.
Impressive response from the market. Over $20B in just over a month shows India's attractiveness despite global headwinds. The breakdown is interesting—FCNR(B) deposits dominating at 84% shows NRIs are eager to bring money home. Smart policy from RBI to tap into this.
Maza aa gaya! 🎉 RBI ki yeh strategy bahut smart hai. Hamare forex reserves ab USD 600 billion+ ke around hain, aur yeh inflows usko aur boost karenge. Lekin ek sawaal — ECB ka contribution sirf $1.34 billion hai, jo bahut kam hai. Kya companies ko borrowing me difficulty hai? Ya interest rates high hai?
$20.7 billion is a strong signal, but I'm cautious. These swap lines create contingent liabilities for RBI. If there's a sudden reversal of capital flows, it could pressure reserves. Also, why is FCNR portion so high? Are overseas borrowings not attractive enough? Need more transparency on the terms.
Proud moment for India! 🇮🇳 "Steady forex inflows" — yeh words hi confidence dikhate hain. FCNR deposits dominate kyunki NRIs India ke economic
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