New Delhi: India’s central bank has procured $143.6 billion from abroad as part of an exceptional money exchange programme, according to a report released on September 21, 2026.
This programme was initiated by the Reserve Bank of India (RBI) from 8th June 2026. The objective was straightforward: To attract more foreign funds in India to help strengthen the rupee that had been dropping in value against the U.S. dollar. The bank was willing to pay a better price for these funds, to which part of the overall cost of transferring funds between currencies.
The lion’s share was from a type of bank account opened only by Indians abroad known as FCNR(B) deposits. These accounts enable the overseas citizens to keep their foreign currency at any bank in India and to get good returns on it, and the bank has arranged the deal in dollars.
The plan developed rapidly. As of July 17, it raised approximately $20.7 billion. That doubled to more than $40 billion two weeks later. It was by mid-August that it had topped $56 billion and by the end of August it had surpassed $136 billion, of which $127 billion pertained to foreign-currency accounts. The rest were borrowed from outside the country by businesses and government owned companies.
The RBI had to accelerate its deadline, because of the response received. It was to have continued to accept new accounts in foreign currencies until the end of September but had decided to close earlier as it already had more funds than it had bargained for.
The program can continue to be utilized by government-owned companies to borrow from abroad until the end of the year.
The banks throughout the country were particularly active in recruiting these deposits with attractive interest rates, particularly the large government owned banks. This collection rate is much higher than the one India experienced in 2013 when it required support to safeguard the nation’s currency at the time of a bad economic phase, experts noted.
The steady inflow of dollars was allowing the RBI to continue to hold the rupee in check, making more foreign currency available for use in emergencies or to import goods, and also easing the pressure it faced for months.
