Synopsis

ICICI Bank mobilized USD 17.88 billion through FCNR(B) deposits by August 31. This occurred under the Reserve Bank of India's concessional swap facility. The facility aimed to strengthen India's foreign exchange liquidity position. Loans against these deposits amounted to USD 9 billion for the bank. The window for this deposit scheme closed earlier than planned.

Reuters

New Delhi: Private sector lender ICICI Bank on Wednesday said it has mobilised gross USD 17.88 billion through FCNR(B) deposits up to August 31, the closing date of the concessional swap facility.



The facility was announced in June as part of the RBI's efforts to strengthen India's external sector position and support foreign exchange liquidity amid global market uncertainties.



Also Read: Indian banks slash FCNR deposit rates by up to 310 basis points

India attracted USD 65.40 billion under the Foreign Currency Non-Resident (Bank) or FCNR (B) deposits till August 21, as per finance ministry data.



Overwhelming response led RBI to opt for pre-mature closure of the window to August 31 from originally announced date of September 30, 2026.



Pursuant to Reserve Bank of India's swap facility for FCNR (B) deposits up to August 31, 2026, the gross mobilisation by ICICI Bank is USD 17.88 billion, the bank said in a regulatory filing.



Loans provided by international branches and subsidiaries of the bank against such deposits are USD 9 billion, it said.



Also Read: FCNR inflows may delay rate hikes, but banks face margin pressure: Report



Further, it said, standby letters of credit issued by the bank to other banks in respect of loans against such deposits would amount to USD 3.63 billion.



As previously intimated on various dates, the bank has issued in aggregate USD 3.55 billion of USD denominated bonds during July-August 2026, it added.



Under the FCNR (B) scheme, banks offered attractive interest rates to mobilise foreign currency deposits.



FCNR(B) deposits are foreign-currency-denominated fixed deposits and both the principal and interest are repayable in the same foreign currency.

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