$65 billion in, 8 days left

RBI's dollar-deposit window crosses $65 billion, with 8 days left

RBI's swap window for foreign dollars has taken in $72,848 million (about $72.85 billion) since it opened on 8 June. This is the position banks reported up to 21 August.

FCNR(B) deposits — dollar deposits from NRIs, swapped into rupees at a fixed, discounted rate — make up $65,397 million of that. That is 90 out of every 100 dollars that came in.

Just 8 days earlier, on 13 August, the FCNR(B) number stood at $52,300 million. It grew by about $13.1 billion in a little over a week.

New FCNR(B) deposits stop counting toward this window after 31 August — 8 days from today. Banks can still get RBI's swap on deposits already in until 11 September. ECBs and OFCBs stay open till 31 December.

Why it matters: This dollar money turns into rupees the moment a bank swaps it with RBI. More dollars in means more rupees released into the system — one reason RBI has been asking banks for bigger sums at this week's cash-mopping auctions (yesterday's Brief). Watch whether the pace of dollar inflows slows once 31 August passes.

RBI press release, 22 Aug 2026 ↗

The exact split: $65,397 mn from FCNR(B), $4,860 mn from OFCBs, $2,591 mn from ECBs

RBI's swap facility for FCNR(B) deposits, ECBs and OFCBs opened on 8 June. As of 21 August, banks had reported $72,848 million in total inflows: $65,397 million from FCNR(B) deposits, $4,860 million from OFCBs and $2,591 million from ECBs. RBI press release, 22 Aug 2026 ↗

RBI's Central Board gets a new part-time director

The government appointed Somanath Sreedhara Panicker as a part-time, non-official director on RBI's Central Board, for 4 years from 20 August. RBI press release, 20 Aug 2026 ↗

More dollar deposits could squeeze what banks earn on loans

Business Standard, citing market watchers, says this flood of low-cost dollar deposits could soften what banks pay on deposits and squeeze net interest margins — the gap between what a bank earns on loans and pays on deposits — by 3 to 15 basis points (1 basis point is one-hundredth of 1%). The effect is expected to fade as banks swap out older, costlier deposits. Business Standard, 22 Aug 2026 ↗

Sunday question: are you setting the pace, or reacting to it?

This week RBI announced its next big cash-mopping auction before Friday's own auction had even settled — it did not wait to react. Banks brought in $13 billion in new dollar deposits in just 8 days by moving early, not at the last minute. Ask yourself this week: where in your own work are you reacting to news that has already happened, and where could you move a step ahead of it instead? RBI press release, 22 Aug 2026 ↗

Looking back: Yesterday we said watch Monday 24 August's VRRR auction bids, to see if banks fill closer to RBI's Rs 2,50,000 crore ask after bidding only 64% on Friday. That auction has not happened yet — it is still Sunday. Nothing to report on it today.

Watch next: Watch two things this week: Monday 24 August's VRRR bid numbers, and how fast the FCNR(B) count keeps climbing before its window shuts on 31 August.

$72.85 bn — total dollar inflow through RBI's swap window since 8 June, reported as of 21 August

$65.4 bn — of that came in as FCNR(B) deposits — 90 out of every 100 dollars

$13.1 bn — how much FCNR(B) deposits grew in just 8 days, from $52.3 bn on 13 Aug to $65.4 bn on 21 Aug

8 days — left before FCNR(B) deposits stop counting toward this window, on 31 August

$4.86 bn — OFCB inflows so far, up from $2.81 bn on 13 August

$2.59 bn — ECB inflows so far, up from $1.74 bn on 13 August

$52.3 billion became $65.4 billion in 8 days. RBI's dollar-deposit window has 8 days left before it shuts.

Anand Mahindra was re-appointed as a part-time, non-official director on RBI's Central Board, for another 4 years from 20 August — the same day a new director, Somanath Sreedhara Panicker, joined the board. RBI press release, 20 Aug 2026 ↗