ICICI Bank Mobilises $17.9 Billion Through RBI Foreign Currency Deposit Scheme
India’s ICICI Bank has mobilised around $17.88 billion through the Reserve Bank of India’s foreign currency non-resident deposit scheme as of August 31, 2026. The initiative is aimed at attracting overseas foreign-currency inflows and strengthening India’s foreign exchange position.
Of the deposits raised, about $9 billion has been used for loans provided by ICICI Bank’s international branches and subsidiaries. The bank has also issued $3.63 billion in guarantees to other banks for loans backed by these deposits.
The RBI introduced several foreign exchange measures in June, including concessional swap facilities designed to encourage overseas borrowing by state-run companies and increase foreign currency deposits from non-resident Indians. Following these measures, India’s foreign exchange forward position reached a record $136.7 billion in July, supported by increased overseas deposits and efforts to strengthen the rupee.
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