Archive · 3 Aug 2026
HSBC Leads FCNR(B) Deposits, SBI Second, $6.1 Billion
The Reserve Bank of India started a program that lets foreign investors put money in Indian banks in foreign currency.
HSBC got the most money, about $6.1 billion, followed by the State Bank of India with $4.1 billion.
Many private banks together raised over $10 billion.
The program began on June 5, 2024, and by July 30, it had brought in almost $28 billion.
The goal is to keep the Indian rupee steady when the world is uncertain.
HSBC raised $6.14 billion in FCNR(B) deposits, topping all banks.
State Bank of India second with $4.12 billion, ICICI Bank third at $3.7 billion.
Private banks collectively raised $10.73 billion, surpassing public and foreign banks.
The RBI’s concessional swap facility, launched June 5, attracted $27.99 billion in deposits by July 30.
The facility aims to stabilise the rupee amid global tensions and high NRI leverage.
- Who
- HSBC, State Bank of India, ICICI Bank, and other Indian banks
- What
- RBI’s FCNR(B) concessional swap facility attracted foreign deposits
- When
- June 5 to July 30, 2024
- Where
- India, through the Reserve Bank of India
- Why
- To mobilise foreign capital and stabilise the rupee amid global tensions
- Highest FCNR(B) deposit
- $6.14 billion by HSBC
- Second highest deposit
- $4.12 billion by State Bank of India
- Total deposits (July 30)
- $27.99 billion
- Facility launch date
- June 5, 2024
- Swap window start
- June 8, 2024