ICICI Bank mobilised $17.88 billion via FCNR(B) deposits under RBI’s swap facility, deploying part via overseas loans and bond sales.

That works out to roughly ₹1.70 lakh crore. The bank confirmed the figure in a regulatory filing on September 2, filed under Regulation 30 of SEBI’s listing rules, covering the period up to August 31, when the window closed for fresh deposits.

For anyone unfamiliar with the term, FCNR(B) deposits let non-resident Indians hold savings in foreign currency with Indian banks rather than converting to rupees.

It protects their money from currency swings, and it gives banks like ICICI a fresh pool of foreign exchange to work with.

The bank has already put a chunk of that pool to use. Its international branches and subsidiaries have lent out close to $9 billion against these deposits.

On top of that, ICICI Bank issued standby letters of credit worth about $3.63 billion to other banks, tied to similar lending.

Separately, and unconnected to the swap window itself, the bank raised $3.55 billion through US dollar bonds between July and August. This had already been disclosed to exchanges earlier. All the numbers are provisional and unaudited for now.

Because ICICI Bank has instruments listed overseas, the filing also went out to the New York Stock Exchange, the Singapore Exchange, Japan’s Securities Dealers Association, and the SIX Swiss Exchange.

Zoom out, and this is really about the RBI trying to shore up foreign currency inflows.

It opened the swap facility in June, originally meant to run for longer, but moved the deadline up to August 31 after banks responded more strongly than expected.

Swaps against deposits raised before that date can still be completed until September 11.

Across the banking system, the scheme, which also covers external commercial borrowings and overseas foreign currency loans, has drawn in nearly $73 billion.

FCNR(B) deposits alone account for more than $65 billion of that, as of late August.

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