International Reserves: Analysis of Forex Flows through FCNR(B), ECBs and OFCBs

The Reserve Bank of India (RBI) recently released data on international forex flows via Foreign Currency Non-Resident (FCNR)(B) deposits, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Borrowings (OFCBs) under its special USD-INR forex swap facility. These data provide a critical insight into the monetary policy of India amid current global economic uncertainties. RBI’s initiative, announced on June 8, 2026, and valid until the end of December this year, aims to maintain currency stability by mobilizing international funds for the country through these various forex flow modalities. According to available data up to September 18, 2026, India's international reserves stood at US$ 143.596 million, distributed among FCNR(B) deposits (US$ 132.980 million), ECBs (US$ 5.296 million), and OFCBs (US$ 5.320 million). These figures reflect the diversity of funding sources for India's economy, highlighting the crucial role that authorized banks play in managing international forex flows.