{"id":1857,"date":"2026-09-02T08:34:29","date_gmt":"2026-09-02T08:34:29","guid":{"rendered":"https:\/\/newsraise.com\/in\/2026\/09\/02\/icici-bank-mobilises-1-70-lakh-crore-fcnb-swap-facility\/"},"modified":"2026-09-02T08:34:29","modified_gmt":"2026-09-02T08:34:29","slug":"icici-bank-mobilises-1-70-lakh-crore-fcnb-swap-facility","status":"publish","type":"post","link":"https:\/\/newsraise.com\/in\/2026\/09\/02\/icici-bank-mobilises-1-70-lakh-crore-fcnb-swap-facility\/","title":{"rendered":"ICICI Bank mobilises \u20b91.70 lakh crore via RBI FCNR(B) swap facility"},"content":{"rendered":"\n<!-- Quick Adsense WordPress Plugin: http:\/\/quickadsense.com\/ -->\n<div class=\"9fece8afa224fd09e54b043d0febfb58\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- NR ATF -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8898941184964366\"\r\n     data-ad-slot=\"4839033563\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n<\/div>\n<p>ICICI Bank disclosed that it has mobilised approximately $17.88\u202fbillion, equivalent to about \u20b91.70\u202flakh\u202fcrore, through Foreign Currency Non\u2011Resident (Bank) deposits \u2013 commonly abbreviated as FCNR(B) \u2013 under the Reserve Bank of India\u2019s special USD\u2011INR swap facility. The regulatory filing, dated September\u202f2,\u202f2026, specifies that the mobilisation figures are based on deposits recorded up to August\u202f31, which was the cut\u2011off date for fresh FCNR(B) deposits eligible for the scheme.<\/p>\n<h2>Bank\u2011level utilisation of the swap facility<\/h2>\n<p>The filing further details that ICICI Bank\u2019s overseas branches and subsidiaries extended loans amounting to roughly $9\u202fbillion, or \u20b985,600\u202fcrore, against the FCNR(B) deposits it attracted. In addition to direct lending, the bank issued standby letters of credit worth about $3.63\u202fbillion, translating to \u20b934,600\u202fcrore, to other financial institutions in connection with loans secured by these foreign\u2011currency deposits.<\/p>\n<p>All rupee\u2011denominated figures presented in the filing are convenience conversions calculated using the exchange rate that prevailed on August\u202f31. The bank also noted that the disclosed numbers are provisional and have not undergone an audit, underscoring that they represent a snapshot of activity as of the reporting date.<\/p>\n<h2>RBI\u2019s special forex swap scheme<\/h2>\n<p>The Reserve Bank of India introduced the special USD\u2011INR swap facility in June\u202f2026 with the explicit aim of encouraging commercial banks to mobilise foreign\u2011currency inflows, including fresh FCNR(B) deposits. Initially, the facility was slated to run for a longer period, but the central bank subsequently advanced the deadline for eligible FCNR(B) deposits to August\u202f31, citing a robust response from banks and the resulting surge in foreign\u2011exchange inflows.<\/p>\n<p>To further support participation, the RBI later granted banks greater flexibility in accessing the swap mechanism ahead of the deadline. Notably, the central bank permitted swaps to be executed outside the regular weekly window for transactions exceeding $100\u202fmillion, thereby easing operational constraints for large\u2011scale foreign\u2011currency operations. The RBI has also clarified that swaps against FCNR(B) deposits mobilised by the August\u202f31 cut\u2011off may continue to be availed until September\u202f11,\u202f2026.<\/p>\n<h2>Scale of the broader facility<\/h2>\n<p>According to a Reuters report referenced in the filing, by late August the FCNR(B) component of the RBI\u2019s broader forex swap facility had attracted more than $65\u202fbillion in foreign\u2011currency inflows. When combined with other strands of the scheme\u2014including external commercial borrowings and overseas foreign\u2011currency borrowings\u2014the total mobilisation across the entire facility approached $73\u202fbillion.<\/p>\n<p>The overarching purpose of the special swap facility, as articulated by the RBI, is to bolster foreign\u2011exchange inflows and reinforce India\u2019s external liquidity position. By providing a structured avenue for banks to convert foreign\u2011currency deposits into rupee\u2011denominated funding, the scheme seeks to enhance the stability of the country\u2019s balance of payments while offering banks a reliable source of low\u2011cost foreign currency.<\/p>\n<p>ICICI Bank\u2019s reported mobilisation of $17.88\u202fbillion therefore represents a substantial share of the total inflows captured by the FCNR(B) segment of the programme. The bank\u2019s ability to translate those deposits into sizable loan commitments and standby credit facilities illustrates how the swap mechanism is being operationalised on the ground, converting foreign\u2011currency resources into productive credit for Indian borrowers and counterparties abroad.<\/p>\n<p>While the figures remain provisional and subject to audit, the disclosed data provides a clear indication of the early impact of the RBI\u2019s policy intervention. The combination of an accelerated deadline, expanded operational flexibility, and an extended swap window for large transactions appears to have spurred significant participation from major banks such as ICICI, reinforcing the central bank\u2019s objective of strengthening the nation\u2019s foreign\u2011exchange reserves and external liquidity outlook.<\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>ICICI Bank reported mobilising about $17.88\u202fbillion (\u20b91.70\u202flakh\u202fcrore) through FCNR(B) deposits under the RBI\u2019s special USD\u2011INR swap facility, with loans and standby credits issued against the funds.<\/p>\n","protected":false},"author":3,"featured_media":1858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[299],"tags":[1848,1850,1847,1851,1849],"class_list":["post-1857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-fcnrb-deposits","tag-foreign-exchange","tag-icici-bank","tag-india-banking","tag-rbi-swap-facility","entry"],"_links":{"self":[{"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/posts\/1857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/comments?post=1857"}],"version-history":[{"count":0,"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/posts\/1857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/media\/1858"}],"wp:attachment":[{"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/media?parent=1857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/categories?post=1857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsraise.com\/in\/wp-json\/wp\/v2\/tags?post=1857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}