Foreign, private banks raise over 68% FCNR(B) funds

Between June and July, foreign and private banks aggressively mobilized over 68 percent of Foreign Currency Non-Resident [Bank], or FCNR(B), funds. The surge in foreign currency deposits was driven by banks taking advantage of incentives provided by the Reserve Bank of India.

Leading the collection efforts were HSBC, State Bank of India (SBI), and ICICI Bank. Among the institutions involved, foreign banks demonstrated the fastest proportional growth in their deposit holdings.