{
  "id": 8997632,
  "title": "Special swaps rake in $143.5 billion in forex inflows: FCNR(B) scheme leads with $133 billion",
  "url": "https://urgent.news/2026/09/21/special-swaps-rake-in-143-5-billion-in-forex-inflows-fcnr-b-scheme",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T19:56:43.000Z",
  "source": {
    "name": "The Economic Times - Economy",
    "slug": "the-economic-times-economy",
    "url": "https://economictimes.indiatimes.com/news/economy/policy/special-swaps-rake-in-143-5-billion-in-forex-inflows-fcnrb-scheme-leads-with-133-billion/articleshow/134397419.cms"
  },
  "original_language": "en",
  "account": "Special non-resident bank deposits in foreign currencies surged to a record $143.5 billion in September, primarily driven by the FCNR(B) scheme, according to Reserve Bank of India data released on Monday. This marked a significant increase from the previous month's $127 billion. The total inflows, which encompassed external commercial borrowings (ECBs) and overseas foreign currency borrowings (OFCBs), surpassed five times the $26 billion raised under a similar scheme in 2013.\n\nBanks were able to mobilize more funds in the final ten days of the scheme than they did in the initial 74 days, with $65.4 billion collected during that initial period. Gaura Sengupta, chief economist at IDFC First Bank, anticipates that the total inflows could reach $160 billion by the end of December, as the RBI continues to provide hedging facilities.\n\nThe FCNR(B) scheme, launched on June 8, aims to boost dollar inflows and bolster foreign exchange reserves by allowing eligible overseas borrowings to be swapped with the central bank at reduced rates. However, rising global bond yields have made borrowing via the ECB route less attractive, even with the RBI bearing the hedging costs. IDFC First Bank chief economist Madhavi Arora noted that with most of the inflows already received, there is no immediate need for the facility to continue.\n\nWhile some experts suggest the RBI might curb banks and state-run firms from raising offshore capital via ECBs and OFCBs due to high global rates, the scheme is expected to persist until December 31.",
  "summary": "Banks mobilised $132.9 billion through FCNR(B) deposits under the RBI’s special forex swap window, taking total inflows, including ECBs and OFCBs, to $143.5 billion by September 18. The inflows are more than five times those raised under a similar 2013 scheme, with banks raising a significant portion in the final 10 days. While the FCNR(B) facility continues to support dollar inflows, rising…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Reserve Bank of India",
        "title": "Data on Forex inflows via FCNR(B) Deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) under Reserve Bank’s Swap facility",
        "url": "https://urgent.news/2026/09/21/data-on-forex-inflows-via-fcnr-b-deposits-external-commercial",
        "published": "2026-09-21T13:08:41.000Z"
      },
      {
        "outlet": "The Economic Times - Economy",
        "title": "Forex inflows under RBI swap facility rise to USD 143.6 billion",
        "url": "https://urgent.news/2026/09/21/forex-inflows-under-rbi-swap-facility-rise-to-usd-143-6-billion",
        "published": "2026-09-21T14:32:23.000Z"
      },
      {
        "outlet": "The Indian Express",
        "title": "RBI forex swap window draws $143.59 bn, FCNR(B) deposits lead inflows",
        "url": "https://urgent.news/2026/09/21/rbi-forex-swap-window-draws-143-59-bn-fcnr-b-deposits-lead-inflows",
        "published": "2026-09-21T15:20:41.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}