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# Indian banks raise $136.4 billion through RBI forex swap facility, FCNR deposits account for 93%
- URL: https://www.theglobalvoice.com/indian-banks-raise-136-4-billion-through-rbi-forex-swap-facility-fcnr-deposits-account-for-93/
- Published: 2026-09-03T09:14:31.000Z
- Updated: 2026-09-05T06:39:18.000Z
- Description: RBI's foreign exchange swap facility mobilizes $136.4 billion by end-August, with non-resident deposits comprising 93% of total inflows.
- Author: TGV Desk
- Tags: markets, The Day So Far, India, that is Bharat

Indian banks mobilized $136.4 billion through the Reserve Bank of India's foreign exchange swap facility by August 31, with Foreign Currency Non-Resident (Bank) deposits accounting for $127.23 billion or 93% of the total, according to RBI data.

The central bank's forex mobilisation initiative drew substantial inflows from non-resident Indian deposits, authorities said. FCNR(B) deposits, which allow NRIs to maintain fixed deposits in foreign currency, dominated the facility's uptake.

ICICI Bank alone raised $17.88 billion through FCNR(B) deposits under the swap facility, according to reports. The swap arrangement allows banks to mobilize foreign currency deposits while the RBI absorbs currency risk.

The remaining inflows under the facility came through other instruments, though officials did not specify the breakdown. The swap facility was designed to help banks access dollar liquidity while managing exchange rate exposure.