MUMBAI: Of the $28 billion addition to FCNR(B) deposits between June 5 and July 30, the top three banks, HSBC, SBI and ICICI Bank, accounted for nearly half the collections, with HSBC alone contributing about 23%, according to data released by govt in a Parliament response dated August 3, 2026.FCNR(B) deposits rose sharply to $60.6 billion as on July 30 from $32.6 billion on June 5, implying a net inflow of $28 billion mobilised under RBI’s forex swap window. The surge reflects aggressive mobilisation by banks, taking advantage of RBI’s reserve requirements waiver on these deposits and rupee dollar swap which covered their foreign exchange risks. Foreign banks recorded the fastest proportional growth, with outstanding deposits jumping from $603 million to nearly $9 billion, accounting for about 29.9% of total inflows. Private sector banks led in absolute terms, mobilising $10.7 billion or 38.3% of total inflows, while public sector banks added $8.8 billion, contributing 31.6%.According to RBI, the special FCNR (B) scheme has mobilised $36.7 billion while govt data shows that the absolute increase in outstanding deposits is only $28 billion indicating that some of the existing deposits may have been reinvested into the scheme for higher returns.The mobilisation was highly concentrated, with the top 10 banks accounting for $23.8 billion or about 85% of total inflows. HSBC, which allowed depositors to leverage and invest up to 19 times their own funds, emerged as the largest mobiliser, raising $6.1 billion, followed by SBI with $4.1 billion and ICICI Bank with $3.7 billion. Together, these three banks accounted for nearly $14 billion, or approximately 49.9% of total inflows.
