{
  "id": 5034009,
  "title": "ICICI Bank Raises $17.88 Billion Through RBI’s FCNR(B) Swap Facility",
  "url": "https://urgent.news/2026/09/02/icici-bank-raises-17-88-billion-through-rbis-fcnr-b-swap-facility",
  "topic": "world",
  "section": "World",
  "published": "2026-09-02T06:18:10.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/business/icici-bank-raises-1788-billion-through-rbis-fcnrb-swap-facility"
  },
  "original_language": "en",
  "account": "ICICI Bank has successfully raised approximately $17.88 billion through the Reserve Bank of India's foreign currency non-resident (B) deposits under the special dollar-rupee swap facility, as reported in the company's exchange filing. The majority of the funds, around $9 billion, were allocated as loans by the bank's international branches and subsidiaries. In addition to loans, ICICI Bank also issued standby letters of credit worth about $3.63 billion to other lenders against these deposits. Furthermore, the lender raised a total of $3.55 billion through US dollar-denominated bonds during July and August 2026. The Reserve Bank of India had closed the special USD-INR swap window for FCNR(B) deposits on August 31, following strong inflows which amounted to $65.397 billion as of August 21, with FCNR(B) deposits making up the largest portion of the mobilisation. The central bank had introduced this facility on June 8 to attract foreign exchange inflows amidst the Indian rupee's pressure. The swap facility for external commercial borrowings (ECBs) and overseas foreign currency borrowings (OFCBs) will remain available until December 31, 2026. The government considers this initiative as India's largest and quickest foreign-currency mobilisation exercise, surpassing the 2013 FCNR(B) swap scheme.",
  "summary": "New Delhi: ICICI Bank has mobilised around $17.88 billion through Foreign Currency Non-Resident Bank, or FCNR(B), deposits under the Reserve Bank of India’s special dollar-rupee swap facility, the private sector lender said in an exchange filing. Of the total amount raised, around $9 billion was provided as loans by the bank’s international branches and subsidiaries against these deposits. Bank…",
  "key_points": [
    "ICICI Bank raised $17.88 billion via RBI’s FCNR(B) swap facility",
    "$9 billion allocated as loans by ICICI Bank’s international branches",
    "$3.55 billion raised through US dollar-denominated bonds in July-August"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}