Archive · 5 Sep 2026
Banks Mobilise $60 Billion in Final FCNR(B) Deposit Rush
Banks in India collected a very large amount of money through special FCNR(B) deposits.
More than $60 billion arrived during the final 10 days of the deposit window.
In total, banks collected $136.4 billion.
ICICI Bank collected the most among the large banks mentioned, followed by HDFC Bank and State Bank of India.
Smaller banks such as RBL Bank also collected more than their usual market size might suggest.
Foreign banks increased their share of the new deposits, with HSBC collecting about $6.14 billion.
Analysts said the extra money could make it easier for banks and lending companies to provide loans.
They also expect the additional liquidity to help keep interest rates lower and support economic growth.
Total FCNR(B) inflows reached $136.4 billion, with more than $60 billion mobilised in the final 10 days.
ICICI Bank raised $17.88 billion, giving it an estimated 18% share of FCNR(B) deposits.
HDFC Bank mobilised an estimated $11.5–12 billion, while State Bank of India raised about $9 billion.
RBL Bank collected around $3.4 billion, and HSBC mobilised approximately $6.14 billion.
NBFC stocks gained 15% over three months as analysts said stronger liquidity could support credit growth and lower rates.
- Who
- Indian banks, foreign banks, non-bank financial companies, and brokerages including Jefferies, Macquarie, and Motilal Oswal.
- What
- Banks mobilised $136.4 billion in FCNR(B) deposits, including more than $60 billion during the final 10 days of the window.
- When
- The largest mobilisation occurred in the final 10 days of the FCNR(B) window; foreign-bank gains were measured from early June through July and August.
- Where
- Across India’s banking system under the Reserve Bank of India’s FCNR(B) facility.
- Why
- Banks were competing for deposits under the Reserve Bank of India’s concessional swap facility, while the resulting liquidity could support lending and lower rates.
- Total system inflows
- $136.4 billion under the FCNR(B) window
- Final 10-day inflows
- More than $60 billion
- ICICI Bank mobilisation
- $17.88 billion, or an estimated 18% of FCNR(B) deposits
- HDFC Bank mobilisation
- Estimated at $11.5–12 billion
- State Bank of India mobilisation
- Approximately $9 billion
- Foreign-bank flows
- Foreign banks accounted for an estimated 15–30% of incremental flows by the end of July, up from 1–2% in early June
- Market performance
- NBFC stocks rose 15% and small private banks rose 11% over three months