Courtesy: Representative Image
ndian banks have mobilised about $136.38 billion in foreign currency through the Reserve Bank of India’s special dollar-rupee swap facility, according to provisional data published by the central bank on Wednesday, 2 September 2026.
Of that total, Foreign Currency Non-Resident Bank, or FCNR(B), deposits accounted for $127.23 billion, the RBI said in Press Release 2026-2027/1024. Overseas foreign currency borrowings (OFCBs) contributed $5.26 billion and external commercial borrowings (ECBs) $3.89 billion, taking the combined figure to $136.377 billion as reported by authorised dealer banks up to 31 August 2026.
The central bank stressed that the position is provisional and remains pending final reporting, accounting and reconciliation. Bloomberg, The Economic Times and News on AIR carried the same order of magnitude, with minor rounding differences.
Why the FCNR(B) window closed early?
The RBI introduced the special USD-INR forex swap covering FCNR(B) deposits, ECBs and OFCBs on 8 June 2026. The FCNR(B) scheme was originally due to run until 30 September 2026. Citing a strong response, the central bank on 14 August brought the FCNR(B) cut-off forward to 31 August.
That early close has now taken effect. The swap facility for ECBs and OFCBs stays available until 31 December 2026. Separately, ET and LiveMint note that swaps against eligible FCNR(B) deposits already mobilised may still be availed with the RBI until 11 September 2026.
Bloomberg framed the FCNR(B) haul as a record inflow from India’s overseas diaspora and said overall mobilisation exceeded an earlier central bank estimate of about $80 billion.
How the numbers built up?
An earlier RBI update (22 August) put total inflows at about $72.85 billion as of 21 August, including roughly $65.40 billion of FCNR(B). Comparing that with the 31 August provisional total implies a sharp late surge.
ET notes the scale far exceeds the RBI’s 2013 FCNR(B) swap episode (~$26 billion). Some outlets, including India Today, still used a $100 billion FCNR framing on 2 September — that does not match the RBI’s provisional close of $127.23 billion and should be treated as interim/rounded reporting.
