Foreign and Private Banks Lead 68% Surge in FCNR(B) Deposit Mobilization

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Foreign currency non-resident (FCNR-B) deposits saw a sharp rise between June and July, with banks aggressively tapping into RBI incentives to mobilize funds. Foreign banks recorded the fastest proportional growth in their FCNR(B) holdings during this period. HSBC, SBI, and ICICI Bank were among the top contributors to the overall collection effort. The bulk of the mobilization was concentrated within the ten largest banking institutions. Together, foreign and private banks accounted for over 68% of the total FCNR(B) funds raised.

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