ICICI Bank has garnered around $17.88 billion (Rs 1.70 lakh crore) under the Reserve Bank of India’s foreign currency non-resident (bank) deposits scheme up to August 31, the closing date of the concessional swap facility, the lender informed the exchanges on Wednesday.
The private sector bank was offering 6.25% on its FCNR(B) deposits of $5 million or above.
The RBI’s special concessional window for FCNR(B) deposits closed earlier than the deadline initially announced by the central bank. The RBI in mid-August advanced the closing date for the facility following encouraging response from banks.
Of deposits mobilised by ICICI Bank under the facility, around $9 billion (Rs 85,600 crore) has been deployed as loans by its international branches and subsidiaries. The bank has also issued standby letters of credit (SBLCs) amounting to around $3.63 billion (Rs 34,600 crore) to other banks in respect of loans against such deposits.
The RBI had announced the facility in June amid efforts to improve foreign currency inflows and support liquidity conditions. Under the arrangement, banks were able to swap the foreign currency raised through FCNR-B deposits with the central bank at concessional terms, making such deposits more attractive for lenders.
ICICI Bank also raised funds through the overseas bond market during the period. It issued an aggregate $3.55 billion (Rs 33,800 crore) of dollar-denominated bonds during July and August.