ICICI Bank has mobilised around $17.88 billion (₹1.7 trillion) through the Reserve Bank of India’s special USD-INR forex swap facility for FCNR(B) deposits, according to an exchange filing. Introduced on June 8, 2026, the RBI facility was designed to attract foreign currency into India and strengthen domestic forex liquidity through FCNR(B) deposits, external commercial borrowings (ECBs) and overseas foreign currency borrowings (OFCBs). The window for FCNR(B) deposits remained open until August 31, while mobilisation through ECBs and OFCBs will continue until December 31, 2026. RBI data showed that the three channels had attracted $72.85 billion by August 21, with FCNR(B) deposits contributing $65.4 billion, or nearly 90 per cent of total inflows. OFCBs accounted for $4.86 billion, while ECBs contributed $2.59 billion. ICICI Bank’s mobilisation represents nearly one-fourth of the FCNR(B) inflows recorded under the facility as of August 21, highlighting the bank’s significant role in attracting overseas deposits and supporting foreign currency liquidity in the country.
ICICI Bank Raises $17.88 Billion Through RBI Forex Swap Window
