State Bank of India (SBI) has mobilised $6 billion in FCNR(B) deposits under the Reserve Bank of India’s dollar-rupee swap scheme and not $4 billion, according to a source familiar with the development.

Some media reports have pegged SBI’s foreign currency non-resident (Bank), or FCNR(B), deposit flows under the special scheme at $4.12 billion. This is inaccurate, though foreign lender HSBC may still be the top collector in FCNR(B) deposits after the RBI announced on 5 June the three concessional swap schemes to attract dollar inflows and defend a weakening rupee. The gap between the two top collectors can’t be $2 billion, as has been reported.

According to the data placed in the Parliament by Minister of State for Finance Pankaj Chaudhary, SBI’s FCNR(B) deposit outstanding was at $13.82 billion as on 30 July, up from $9.70 billion on 5 June 2026. The amount difference during this period is $4.12 billion, but this is SBI’s net growth and not the actual FCNR(B) flows under the RBI’s swap scheme.

The bank had FCNR(B) deposits up to $2 billion which had matured during this period, which brought the net growth figure to $4.12 billion.

“The deposit before the swap window started was almost $10 billion. The maturity and closure of earlier FCNR term deposits is around $2 billion. There might be some old FCNR deposits which got matured and was reinvested in the new scheme. While net growth is $4 billion during this period, $6 billion is under the RBI’s scheme where the swap facility will be available,” the source said.

HSBC’s outstanding in FCNR deposits is $6.26 billion as on 30 July while it stood at $120.26 million on 5 June. The net growth in FCNR deposits for the bank is $6.14 billion, data tabled in Lok Sabha showed. The bank aggressively mobilised FCNR deposits under the RBI scheme as it offered up to 19 times leverage on their funds to its non-resident Indian (NRI) customers.    

According to the data provided by Minister of State for Finance Pankaj Chaudhary in the Parliament on Monday, the combined stock of FCNR(B) deposit outstanding stood at $60.55 billion as on 30 July, up from $32.56 billion on 5 June 2026. This sharp rise is due to the RBI’s special swap scheme and the net difference amounts to nearly $28 billion.

According to the RBI, the scheme had attracted total inflows of $36.73 billion until 31 July. The over $8 billion gap is due to factors like withdrawals and rebooking under the scheme.

The RBI announced the swap scheme on 5 June and operationalised it three days later, with the swap window open until 30 September.