ICICI Bank mobilises around ₹1.70 lakh crore via FCNR(B) deposits under RBI swap facility

ICICI Bank has mobilised about $17.88 billion (₹1.70 lakh crore) by way of Overseas Forex Non-Resident (Financial institution), or FCNR(B), deposits below the Reserve Financial institution of India’s particular foreign exchange swap facility, in line with a regulatory submitting on Wednesday (September 2).

The mobilisation was recorded as much as August 31, the deadline for contemporary FCNR(B) deposits eligible below the power.

The financial institution mentioned its worldwide branches and subsidiaries had offered round $9 billion (₹85,600 crore) in loans towards these deposits. It has additionally issued standby letters of credit score price about $3.63 billion (₹34,600 crore) to different banks in reference to loans towards such deposits.

Individually, ICICI Financial institution mentioned it had issued round $3.55 billion (₹33,800 crore) of US dollar-denominated bonds throughout July and August 2026, as beforehand disclosed.

The rupee figures are comfort translations primarily based on the change fee prevailing on August 31.

The figures disclosed by the financial institution are provisional and unaudited.

The RBI launched the particular USD-INR swap facility in June to encourage banks to mobilise foreign-currency inflows, together with by way of contemporary FCNR(B) deposits.

The central financial institution initially offered the power for an extended interval however later introduced ahead the deadline for FCNR(B) deposits to August 31, citing the strong response and resulting forex inflows.

The RBI subsequently allowed banks higher flexibility in accessing the swap facility forward of the deadline, together with allowing swaps exterior the common weekly window for transactions above $100 million.

The central financial institution has mentioned that swaps towards FCNR(B) deposits mobilised by August 31 can nonetheless be availed till September 11, 2026.

By late August, the FCNR(B) element of the RBI’s broader foreign exchange swap facility had attracted greater than $65 billion, whereas the general facility masking FCNR(B) deposits, exterior business borrowings and abroad foreign-currency borrowings had mobilised near $73 billion, in line with Reuters report.

The RBI’s particular swap facility was a part of measures aimed toward strengthening foreign-exchange inflows and supporting the nation’s exterior liquidity place.