6 hrs ago
ICICI Bank Raises $17.88 Billion Through RBI Swap Facility
ICICI Bank brought in about $17.88 billion using a special RBI program.
The money came mainly from foreign-currency deposits made by non-resident customers.
The bank used some of these deposits to support loans through its overseas branches and subsidiaries.
It also gave other lenders standby letters of credit linked to loans backed by the deposits.
Separately, ICICI Bank raised $3.55 billion by selling bonds in US dollars.
The RBI created the program to bring more foreign currency into India.
Banks brought in $72.848 billion through the program by August 21.
Because so much money arrived, the RBI closed the FCNR(B) part earlier than originally planned.
A related facility for certain overseas borrowings will remain open until December 31, 2026.
ICICI Bank mobilised about $17.88 billion through FCNR(B) deposits under the RBI’s special dollar-rupee swap facility.
The bank’s international branches and subsidiaries provided about $9 billion in loans against those deposits.
ICICI Bank issued standby letters of credit worth approximately $3.63 billion to other lenders against deposit-backed loans.
The lender separately raised $3.55 billion through US dollar-denominated bonds in July and August 2026.
The RBI closed the FCNR(B) swap window on August 31 after strong inflows, while the ECB and OFCB facility remains open until December 31, 2026.
- Who
- ICICI Bank and the Reserve Bank of India, along with participating authorised dealer banks and depositors.
- What
- ICICI Bank mobilised approximately $17.88 billion through FCNR(B) deposits under the RBI’s special dollar-rupee swap facility and separately raised $3.55 billion through dollar bonds.
- Where
- The funding was raised through India’s banking system and ICICI Bank’s international branches and subsidiaries.
- When
- The FCNR(B) window closed on August 31; the bond issuances occurred in July and August 2026.
- Why
- The RBI introduced the facility to attract foreign-exchange inflows amid pressure on the Indian rupee.
Key facts
- ICICI Bank mobilisation
- Approximately $17.88 billion through FCNR(B) deposits
- Loans against deposits
- About $9 billion provided by ICICI Bank’s international branches and subsidiaries
- Standby letters of credit
- Approximately $3.63 billion issued to other lenders
- Separate bond raising
- $3.55 billion in US dollar-denominated bonds during July and August 2026
- Total scheme inflows
- Authorised dealer banks mobilised $72.848 billion by August 21
- FCNR(B) share
- FCNR(B) deposits accounted for $65.397 billion of the mobilisation
- Remaining facility
- The ECB and OFCB swap facility remains available until December 31, 2026
Sources
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