ICICI Bank said loans provided by its international branches and subsidiaries against FCNR(B) deposits are $9 bn and SBLCs worth about $3.63 bn are issued; $3.55 bn is also raised via US dollar-denominated bonds.
ICICI Bank has collected about $17.88 billion (Rs 1.70 lakh crore) through FCNR(B) deposits under the Reserve Bank of India’s special swap facility up to 31 August.
The country’s second-largest private lender said loans provided by its international branches and subsidiaries against such deposits are $9 billion (Rs 85,600 crore). This is nearly half of the lender’s total FCNR(B) deposit mobilisation.
The lender has also issued standby letters of credit (SBLCs) worth about $3.63 billion (Rs 34,600 crore) to other banks in respect of loans against such deposits.
Thus, direct loans and loans supported through SBLCs made up over 70% of the foreign currency non-resident (Bank), or FCNR(B), deposits mobilised by ICICI Bank.
Separately, the bank has raised about $3.55 billion (Rs 33,800 crore) through US dollar-denominated bonds during July-August 2026.
ICICI Bank’s disclosures came after the RBI’s special swap facility for FCNR(B) deposits closed. Due to the strong response to the scheme, RBI advanced the closure of the swap window to 31 August from its originally announced date of 30 September.
On 5 June, the RBI announced three concessional swap facilities to attract dollars to bolster India’s balance of payments and provide support to the rupee. While the swap window for FCNR(B) deposits has shut, the concessional facilities for overseas foreign currency borrowings (OFCBs) and external commercial borrowings (ECBs) will continue to run until 31 December 2026.
