The Reserve Bank of India (RBI) has received total foreign exchange inflows of $72.848 billion under its special USD-INR Forex Swap facility till August 21, 2026, according to data reported by Banks.
What is special USD-INR Forex Swap facility: The RBI had introduced the special forex swap facility on June 8, 2026, covering inflows through FCNR(B) deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs). Under this facility, an eligible bank can bring US dollars into the country and exchange them with the RBI for Indian rupees. The bank gets rupee liquidity today, while the RBI gets the dollars. At the end of the swap period, the transaction is reversed. The facility was introduced to help bring foreign currency into the country and support the availability of foreign exchange.
$65.4 Billion From FCNR(B) Deposits
The largest share of the forex inflows has come through FCNR(B) deposits, which stood at $65.397 billion as of August 21, 2026. The other components of the scheme recorded inflows of:
| Category | Forex Inflow |
|---|---|
| FCNR(B) Deposits | $65.397 billion |
| OFCBs | $4.860 billion |
| ECBs | $2.591 billion |
| Total | $72.848 billion |
HDFC Bank raised $1.75 billion through dollar bonds on August 20, 2026, through its GIFT City branch and ICICI Bank raised $2.05 billion. The country’s largest public sector bank – SBI, raised $1.10 billion.
| Bank | Amount raised | Details |
|---|---|---|
| ICICI Bank | $2.05 billion | $1 billion in July + $300 million reissue + $750 million in August. (Reuters) |
| HDFC Bank | $1.75 billion | Latest $1.75 billion dual-tranche issue; $500 million 3-year + $1.25 billion 5-year. (The Economic Times) |
| SBI | $1.10 billion | $600 million private placement + $500 million public dollar bond. (Reuters) |
| Bank of Baroda | $700 million | $400 million 3-year + $300 million 5-year bonds. (ETBFSI.com) |
| Kotak Mahindra Bank | $650 million | First dollar bond issue, 5-year maturity. (The Economic Times) |
| IDFC First Bank | $600 million | Maiden 3-year dollar bond issue. (Business Standard) |
| Axis Bank | $800 million | $500 million AT1 + $300 million senior bond in June. (The Economic Times) |
| Indian Bank | $400 million | 4-year overseas borrowing through its GIFT City branch. (The Economic Times) |
