Overview
- The Reserve Bank of India said the swap facility had mobilised USD 40.816 billion by July 31, 2026, based on data from authorised dealer banks.
- Foreign Currency Non‑Resident (Bank) deposits accounted for the bulk of the inflows at USD 36.725 billion, with OFCBs contributing USD 2.575 billion and ECBs USD 1.516 billion.
- The special window was announced on June 5 and operationalised on June 8, with the FCNR(B) facility running until September 30, 2026 and concessional support for OFCBs/ECBs open until December 31, 2026.
- The rapid mobilisation almost doubled totals from mid‑July to July 31 and the central bank reportedly sold about USD 7 billion on July 24 to defend the rupee as oil and geopolitical pressures pushed volatility.
- SBI Economic Research projects total inflows could reach USD 80–85 billion if momentum and rollovers continue, a prospect banks are encouraging with higher deposit rates and temporary regulatory relaxations that improve the economics for NRIs to place and renew FCNR(B) deposits.