ICICI Bank Mobilizes ₹1.70 Lakh Crore Through FCNR(B) Deposits Under RBI Swap Facility

ICICI Bank has successfully mobilized approximately ₹1.70 lakh crore (around $20.4 billion) via Foreign Currency Non-Resident (Bank) or FCNR(B) deposits, utilizing the Reserve Bank of India's (RBI) special USD-INR swap facility. The bank also issued standby letters of credit totaling about $3.63 billion to other banks for loans against these deposits. Additionally, ICICI Bank issued roughly $3.55 billion in US dollar-denominated bonds during July and August 2026. The RBI's swap facility, which had an August 31 deadline for FCNR(B) deposits, was implemented to bolster foreign-exchange inflows and support India's external liquidity position.