ICICI Bank mobilises $17.88 bn through FCNR(B) deposits under RBI swap facility

ICICI Bank on Wednesday said it mobilised around $17.88 billion (about ₹1.70 lakh crore) through FCNR(B) deposits under the Reserve Bank of India's special swap facility that closed for fresh deposits on August 31.

The bank, in a stock exchange filing, said loans provided by its international branches and subsidiaries against such deposits amounted to around $9 billion (₹85,600 crore).

ICICI Bank also said standby letters of credit issued to other banks in respect of loans against these deposits would amount to around $3.63 billion (₹34,600 crore).

The bank issued around $3.55 billion (₹33,800 crore) of US dollar-denominated bonds during July and August 2026, it said.

The figures are provisional and unaudited, ICICI Bank said.

The RBI's special swap facility was introduced in June to attract foreign currency inflows and boost the country's foreign exchange reserves amid pressure on the rupee.

The FCNR(B) window was originally scheduled to remain open until September 30 but the RBI announced on August 14 that fresh deposits under the facility would be accepted only until August 31.

According to Financial Express, total inflows under the FCNR(B), overseas foreign currency borrowings and external commercial borrowings routes crossed $100 billion by the August 31 deadline, substantially exceeding earlier expectations.

The FCNR(B) scheme allows non-resident Indians to hold foreign currency deposits with Indian banks, insulating their principal and interest from exchange-rate fluctuations.

Banks can continue to avail of the RBI's swap facility for FCNR(B) deposits already contracted until September 11.

The ECB and OFCB windows remain open until December 31, 2026.

As of August 21, inflows under the three routes stood at $72.85 billion, comprising $65.4 billion through FCNR(B), $4.86 billion through OFCBs and $2.59 billion through ECBs, according to RBI data.