Foreign and private banks see surge in FCNR deposits

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Indian banks added $28 billion to FCNR(B) deposits between June 5 and July 30, 2026, taking outstanding deposits from $32.6 billion to $60.6 billion, according to data the government shared in Parliament on August 3, 2026.
The surge came as banks aggressively used RBI's forex swap window and reserve requirement waiver, which covered their foreign exchange risks.
Private banks mobilised the most in absolute terms ($10.7 billion), while foreign banks grew fastest proportionally, from $603 million to nearly $9 billion.
The mobilisation was highly concentrated: HSBC alone raised $6.1 billion, and the top three banks—HSBC, SBI and ICICI Bank—accounted for nearly half the inflows.

Whether RBI extends or withdraws the special FCNR(B) swap window and reserve requirements waiver
How the gap between the scheme's $36.7 billion mobilisation and the $28 billion net increase in deposits is explained, given possible reinvestment of existing deposits
Further regulatory scrutiny of leveraged deposit structures, such as HSBC's allowing deposits of up to 19 times a depositor's own funds

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Named India · HSBC · ICICI Bank · Parliament of India · Reserve Bank of India · State Bank of India

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