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ICICI Bank mobilised $17.88 billion via FCNR(B) deposits under RBI's special forex swap facility by August 31. It provided $9 billion in loans against these deposits. By Anshul September 2, 2026, 8:47:26 AM IST (Updated) 2 Min Read ICICI Bank has mobilised about $17.88 billion (₹1.70 lakh crore) through Foreign Currency Non-Resident (Bank), or FCNR(B), deposits under the Reserve Bank of India’s special forex swap facility, according to a regulatory filing on Wednesday (September 2).
The mobilisation was recorded up to August 31, the cut-off date for fresh FCNR(B) deposits eligible under the facility. The bank said its international branches and subsidiaries had provided around $9 billion (₹85,600 crore) in loans against these deposits. It has also issued standby letters of credit worth about $3.63 billion (₹34,600 crore) to other banks in connection with loans against such deposits.
Separately, ICICI Bank said it had issued around $3.55 billion (₹33,800 crore) of US dollar-denominated bonds during July and August 2026, as previously disclosed. The rupee figures are convenience translations based on the exchange rate prevailing on August 31. The figures disclosed by the bank are provisional and unaudited.
The RBI introduced the special USD-INR swap facility in June to encourage banks to mobilise foreign-currency inflows, including through fresh FCNR(B) deposits. The central bank initially provided the facility for a longer period but later brought forward the deadline for FCNR(B) deposits to August 31, citing the strong response and resulting forex inflows. The RBI subsequently allowed banks greater flexibility in accessing the swap facility ahead of the deadline, including permitting swaps outside the regular weekly window for transactions above $100 million.
The central bank has said that swaps against FCNR(B) deposits mobilised by August 31 can still be availed until September 11, 2026. By late August, the FCNR(B) component of the RBI's broader forex swap facility had attracted more than $65 billion, while the overall facility covering FCNR(B) deposits, external commercial borrowings and overseas foreign-currency borrowings had mobilised close to $73 billion, according to Reuters report. The RBI's special swap facility was part of measures aimed at strengthening foreign-exchange inflows and supporting the country's external liquidity position.
First Published: Sept 2, 2026 8:46 AM IST Home Market News ICICI Bank mobilises around ₹1.70 lakh crore via FCNR(B) deposits under RBI swap facility
Source: CNBC TV18
