RBI deposit drive brings $127B from Indians abroad, $10.6B cost

Business Sep 03, 2026

The RBI's recent deposit drive pulled in a massive $127 billion from Indians abroad, way more than the $80 billion they expected.

Add in some extra borrowings and foreign-currency debt, and total inflows hit $136.38 billion.

But there's a catch: the scheme will likely cost the RBI about $10.6 billion.

RBI swap costs 3% to 3.5%

To shield banks from currency swings, the RBI set up a swap facility, estimated to cost 3%-3.5% annually for three to five years.

Still, with India's forex reserves sitting strong at $730 billion, experts say there's room to manage these expenses.

Some economists think investing in 10-year US Treasuries (with solid returns) could help cover costs or even let the RBI break even, so it's not all downside for India's central bank.