ICICI Bank mobilises $17.88 billion through RBI deposit scheme

  • ICICI Bank mobilised foreign currency non-resident deposits through the Reserve Bank of India scheme.
  • $17.88 billion was mobilised through Aug. 31, with $9 billion in related loans.
  • Reserve Bank of India measures introduced in June sought dollar inflows and support for the rupee.

ICICI Bank has mobilised about $17.88 billion through the Reserve Bank of India's foreign currency non-resident deposits scheme through Aug. 31. Loans extended by the bank's international branches and subsidiaries against those deposits stood at $9 billion, while guarantees issued to other banks for deposit-backed loans reached $3.63 billion. The Reserve Bank of India introduced foreign-exchange measures in June, including concessional swap facilities intended to boost overseas borrowing by state-run firms and attract foreign-currency deposits. The RBI's foreign-exchange forward position rose to an all-time high of $136.7 billion in July as overseas deposits increased following the measures, which were designed to draw dollar inflows and support the rupee.

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