RBI Dollar Swap Scheme Draws $136 Billion, Five Times 2013 Inflows

India's RBI dollar swap scheme has drawn $136 billion in total inflows as of August 31, according to provisional data released by the Reserve Bank of India and reported by NDTV. Of that total, NRI deposits held in foreign currency, known as FCNR(B) deposits, contributed $127 billion, or roughly 93% of the overall figure.

The scheme, launched on June 8, encouraged non-resident Indians and Indian companies to bring more foreign currency into the country through three channels: FCNR(B) deposits, overseas foreign-currency borrowings, and external commercial borrowings. Beyond the $127 billion in NRI deposits, overseas borrowings contributed $5 billion and external commercial borrowings added $3.8 billion, according to NDTV. These figures are provisional and subject to reconciliation.

The response to the RBI dollar-rupee swap scheme accelerated sharply in its final days. Data released on August 21 showed inflows of $73 billion, meaning more than $63 billion flowed in during the last 10 days alone. That surge prompted the RBI to close the FCNR(B) deposit window early, on August 31 instead of the originally planned September 30, after the facility met its objective ahead of schedule.

The other two channels remain open until December 31, meaning the final tally is likely to grow further. The current haul dwarfs a similar RBI swap scheme run in 2013, which raised about $26 billion over roughly three months, more than five times less than the latest total, according to the report.

The government has described the inflows as a way to strengthen India's external buffers, the pool of India dollar reserves that helps the RBI manage global volatility and shocks such as oil price spikes or capital flight. Officials have framed the response as a vote of confidence from the Indian diaspora, with the finance ministry linking the pace of NRI deposits to trust in India's banking system, NDTV reported.

While the NRI deposit component has now closed, the borrowing-related channels stay open for another four months, meaning the current figure is a snapshot rather than the final number. In related coverage, a separate report examined UPI completing 10 years of digital payments.