FCNR(B) deposits drive RBI’s $136.4 billion forex mobilisation, account for 93% of total under swap facility: RBI
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The Reserve Bank of India (RBI) mobilised $136.38 billion through its special USD-INR forex swap facility as of August 31, 2026, with Foreign Currency Non-Resident (Bank), or FCNR(B), deposits accounting for more than 93% of the total, according to provisional data released by the central bank.
FCNR(B) deposits contributed $127.23 billion to the overall mobilisation, significantly outpacing the funds raised through Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs).
The RBI had launched the special swap facility on June 8, 2026, covering FCNR(B) deposits, OFCBs and ECBs, as part of measures to strengthen the external sector and improve foreign exchange liquidity amid heightened uncertainty in global financial markets.
FCNR(B) dominates forex mobilisation
The $127.23 billion mobilised through FCNR(B) deposits represented around 93.3% of the total $136.38 billion raised under the facility.
OFCBs accounted for $5.26 billion, or about 3.9% of the total, while ECBs contributed $3.89 billion, representing roughly 2.9%.
The data highlights the overwhelming contribution of FCNR(B) deposits to the mobilisation programme. The amount raised through this route was nearly 24 times higher than that mobilised through OFCBs and more than 32 times the amount raised through ECBs.
FCNR(B) deposits are foreign-currency fixed deposits maintained by non-resident customers with Indian banks. Both the principal and interest on such deposits are repayable in the same foreign currency, providing depositors protection from fluctuations in the rupee's value.
ECBs, OFCBs add $9.15 billion
The RBI’s swap facility also allowed banks to raise foreign currency through ECBs and OFCBs. Together, these two routes mobilised $9.15 billion as of August 31.
OFCBs refer to foreign-currency borrowings raised by eligible Indian entities from overseas sources, while ECBs provide another channel for Indian companies to access foreign currency funding from international markets.
The RBI’s data shows that while these channels contributed to the overall mobilisation, FCNR(B) deposits remained the dominant source by a wide margin.
The central bank has released the figures as provisional data, with the final numbers subject to subsequent revisions.