HSBC tops FCNR(B) mobilisation under RBI swap window; SBI, ICICI among biggest gainers

London-headquartered HSBC has emerged as the biggest beneficiary of the Reserve Bank of India's (RBI) concessional Foreign Currency Non-Resident (Bank), or FCNR(B), deposit swap scheme, mobilising the highest amount of deposits among all lenders since the facility was introduced in June to attract foreign currency inflows.

Bank-wise data released by the government shows HSBC's outstanding FCNR(B) deposits surged from $120.26 million on June 5 to $6.26 billion on July 30, an increase of more than $6.14 billion, making it the largest mobiliser under the RBI's special window.

The FCNR(B) swap facility, announced on June 5 and operational from June 8, allows banks to raise foreign currency deposits from non-resident Indians (NRIs) and swap those funds with the RBI at a concessional rate. The measure was unveiled to boost foreign currency inflows, improve liquidity and support the rupee amid global market volatility.

HSBC leads; SBI and ICICI follow

According to the data, State Bank of India (SBI) ranked second, with FCNR(B) deposits increasing from $9.70 billion to $13.82 billion, translating into inflows of about $4.12 billion. ICICI Bank followed with a rise of nearly $3.70 billion, taking its outstanding deposits from $2.37 billion to $6.06 billion.

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Among other lenders, Kotak Mahindra Bank mobilised about $1.66 billion, Axis Bank added nearly $1.59 billion, HDFC Bank raised around $1.41 billion, while Canara Bank recorded inflows of roughly $930 million. Yes Bank also posted a strong increase of over $810 million during the period.

Top FCNR(B) deposit mobilisation (June 5–July 30, 2026)

Amazing flows

Commenting on the mobilisation, Capitalmind Mutual Fund founder and CEO Deepak Shenoy said HSBC had "rocked it" under the FCNR(B) scheme.

"HSBC rocked it and has the second largest FCNR exposure now. SBI got about $4 billion, ICICI rocked it too with $3.7 billion. Amazing flows, and we still have two more months," Shenoy said in a post on X.

He added that the scheme allows banks to lock in funding at an effective rupee cost of around 6% for three years, while avoiding dollar exchange rate risk.

Private banks lead overall inflows

The bank-wise data has been made public for the first time. Earlier, the RBI disclosed only aggregate FCNR(B) deposit figures.

Private sector banks attracted the highest inflows overall, with outstanding FCNR(B) deposits rising from $14.95 billion to $25.68 billion, an increase of about $10.73 billion. Public sector banks followed with inflows of roughly $8.84 billion, while foreign banks mobilised around $8.37 billion.

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Small finance banks and co-operative banks accounted for only a marginal share of the mobilisation.

FCNR(B) mobilisation by bank category

Source: RBI, Ministry of Finance

Window remains open

Overall, outstanding FCNR(B) deposits in the government data increased from $32.56 billion on June 5 to $60.55 billion on July 30, reflecting inflows of nearly $28 billion.

The RBI has said the eventual cost of the concessional swap facility will depend on the amount of foreign exchange mobilised, swap maturity, exchange rate movements and prevailing forward premia. With the special window remaining open for another two months, banks are expected to continue competing aggressively for NRI deposits, potentially pushing inflows even higher before the scheme closes.

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