Archive · 2 Sep 2026
ICICI Bank Mobilises $17.88 Billion Under RBI FCNR(B) Facility
ICICI Bank collected about $17.88 billion in foreign-currency deposits.
The deposits were raised through a special program supported by the Reserve Bank of India.
The bank offered 6.25% interest on deposits of $5 million or more.
Its overseas branches and subsidiaries used about $9 billion to provide loans.
ICICI Bank also gave other lenders standby letters of credit worth about $3.63 billion.
Separately, it raised $3.55 billion by selling bonds in US dollars.
The RBI started the program to bring more foreign currency into India and support liquidity.
The deposit window closed on August 31, earlier than planned, because inflows were strong.
A related facility for external commercial borrowings and overseas foreign-currency borrowings remains open until December 31, 2026.
ICICI Bank mobilised approximately $17.88 billion through FCNR(B) deposits by August 31, 2026.
Around $9 billion of these deposits was deployed as loans through the bank’s international branches and subsidiaries.
The bank issued approximately $3.63 billion in standby letters of credit to other lenders against deposit-backed loans.
ICICI Bank separately raised $3.55 billion through US dollar-denominated bonds during July and August 2026.
The RBI closed the FCNR(B) window early on August 31 after strong inflows, while the ECB and OFCB facility remains open until December 31, 2026.
- Who
- ICICI Bank, the Reserve Bank of India, participating banks, and foreign-currency depositors.
- What
- ICICI Bank mobilised approximately $17.88 billion through FCNR(B) deposits and separately raised $3.55 billion through US dollar-denominated bonds.
- When
- The FCNR(B) mobilisation ran through August 31, 2026; the bond issues occurred during July and August 2026.
- Where
- The funds were raised through India’s banking system and partly used by ICICI Bank’s international branches and subsidiaries.
- Why
- The RBI introduced the facility to attract foreign-currency inflows, strengthen India’s external sector position, and support foreign-exchange liquidity.
- ICICI Bank mobilisation
- Approximately $17.88 billion through FCNR(B) deposits by August 31, 2026
- Deposit interest rate
- 6.25% for FCNR(B) deposits of $5 million or more
- Loans against deposits
- Around $9 billion deployed 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 foreign-currency mobilisation
- Authorised dealer banks mobilised $72.848 billion under the facility as of August 21; FCNR(B) deposits accounted for $65.397 billion
- Facility deadlines
- The FCNR(B) window closed on August 31, while the ECB and OFCB facility remains available until December 31, 2026
