New Delhi: The Reserve Bank of India's (RBI) special swap facility has mobilised $40.816 billion in foreign exchange inflows as of July 31, 2026, nearly doubling the $20.718 billion recorded as of July 17, indicating continued strong response to the central bank's measures to encourage foreign currency inflows and strengthen the country's balance of payments.
According to the latest RBI data, Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits accounted for the bulk of the inflows at $36.725 billion, while Overseas Foreign Currency Borrowings (OFCBs) contributed $2.575 billion. External Commercial Borrowings (ECBs) mobilised a further $1.516 billion. Together, the three sources took total forex inflows under the facility to $40.816 billion as of July 31.The latest figure represents an increase of $20.098 billion, or around 97%, from the $20.718 billion reported by the RBI as of July 17. The earlier figure comprised $17.406 billion through FCNR(B) deposits, $1.970 billion through OFCBs and $1.342 billion through ECBs.The sharp rise in inflows over the two-week period was largely driven by FCNR(B) deposits. These deposits increased by $19.319 billion, from $17.406 billion on July 17 to $36.725 billion by July 31. OFCB inflows increased by $605 million, while ECB inflows rose by $174 million over the same period.The RBI had announced the concessional swap facility on June 5, 2026, and operationalised it from June 8 with the objective of strengthening the balance of payments and incentivising capital inflows.
The facility is available for fresh FCNR(B) deposits until September 30, 2026, while concessional swaps for OFCBs and ECBs will remain available until December 31, 2026.The latest data suggests the facility has continued to attract foreign currency resources at a rapid pace. With nearly $41 billion mobilised by the end of July, FCNR(B) deposits have emerged as the dominant channel, accounting for about 90% of the total inflows.The RBI's latest figures are based on data received from Authorised Dealer Banks and represent inflows mobilised under the special swap facility.