RBL Bank mobilises $3.4 billion through FCNR(B) window

Loans provided by the international banking unit of the bank against such deposits are around $1.08 billion (Rs 10,309 crore). “The deposit mobilisation was also supported by our promoter, Emirates NBD and their subsidiaries/affiliates, leveraging the strong UAE and India corridor,” the bank said. According to recent media reports, the private sector bank had plans to raise $500 million through dollar bond issuances, which later got shelved. RBL Bank offered an interest rate of 6.25-6.35% on 3-5 year FCNR(B) deposits.

Among larger private sector banks, ICICI Bank reported that it garnered around $17.88 billion (Rs 1.70 lakh crore).

On Wednesday, the Reserve Bank of India announced that special forex swap window had pushed mobilisation through foreign currency non-resident, or FCNR(B) deposits, at $127.22 billion by August 31 – well above the earlier estimates. Overall, the total foreign currency mobilisation was a staggering $136.4 billion, according to provisional data by the RBI. 

FCNR(B) deposits accounted for the bulk of the inflows in the final 10 days as well, surging by $61.8 billion from $65.4 billion on August 21 to $127.22 billion by August 31. By comparison, OFCB inflows rose marginally from $4.9 billion to $5.26 billion, while ECB-related inflows increased from $2.6 billion to $3.89 billion.