RBI's USD-INR swap facility brings in USD 73 billion in under eleven weeks
The Finance Ministry said on 24 August 2026 that the RBI's special USD-INR swap facility for FCNR(B) deposits and foreign borrowings had mobilised USD 73 billion as of 21 August.
Summary
The Reserve Bank of India's special USD-INR forex swap facility for FCNR(B) deposits, overseas foreign currency borrowings and external commercial borrowings, launched on 8 June 2026, had mobilised USD 73 billion as of 21 August 2026, the Finance Ministry said on 24 August. FCNR(B) deposits from Non-Resident Indians alone accounted for USD 65.40 billion. The ministry called it India's largest and fastest foreign-currency mobilisation, well above the RBI's 2013 FCNR(B) swap scheme, which raised about USD 26 billion over roughly three months. Because the target was met early, the RBI advanced the closure of the FCNR(B) window from 30 September to 31 August 2026.
Key facts
- Launched
- 8 June 2026 by RBI
- Covers
- FCNR(B) deposits, overseas FC borrowings, ECBs
- Inflows
- USD 73 billion as of 21 Aug 2026
- FCNR(B) share
- USD 65.40 billion
- 2013 scheme
- About USD 26 billion in ~3 months
- Window closure
- Advanced from 30 Sep to 31 Aug 2026
Practice MCQs 3 questions
How much foreign exchange had the RBI's special USD-INR swap facility mobilised as of 21 August 2026?
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Correct answer: B — USD 73 billion
The facility mobilised USD 73 billion in under eleven weeks, of which FCNR(B) deposits made up USD 65.40 billion.
The RBI's 2026 USD-INR swap facility was compared with a similar FCNR(B) swap scheme of which earlier year that raised about USD 26 billion?
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Correct answer: D — 2013
The 2013 FCNR(B) swap scheme raised about USD 26 billion over roughly three months; the 2026 facility raised USD 73 billion in under eleven weeks.
Consider the following statements about the RBI's 2026 USD-INR swap facility: 1. It was launched on 8 June 2026. 2. The RBI extended the FCNR(B) window from 31 August to 30 September 2026. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. The RBI advanced the closure of the FCNR(B) window from 30 September to 31 August 2026 because the target was met early.