Indian Banks Mobilise $40.82 Billion So Far Under RBI Forex Swap Facility

Indian banks mobilised $40.82 billion in foreign currency inflows as of July 31 under the Reserve Bank of India’s concessional swap facility, the central bank said on Saturday. Fresh foreign currency non-resident bank deposits accounted for $36.73 billion of the total inflows, while overseas foreign currency borrowings contributed $2.58 billion. External commercial borrowings brought in another $1.52 billion.

The central bank had announced the facility on June 5 and operationalised it on June 8 to attract fresh foreign currency inflows and augment domestic foreign exchange availability.

The facility is open until September 30 for overseas foreign currency borrowings and external commercial borrowings. For FCNR(B) deposits, eligible funds must be raised up to December 31, 2026.

FCNR(B) deposits represented about 90% of the inflows mobilised under the facility by the end of July.