{
  "id": 5735598,
  "title": "FCNR(B) Deposit Boom Reshapes Banking Race, ICICI Bank And Foreign Lenders Emerge As Key Winners",
  "url": "https://urgent.news/2026/09/05/fcnr-b-deposit-boom-reshapes-banking-race-icici-bank-and-foreign",
  "topic": "world",
  "section": "World",
  "published": "2026-09-05T06:55:19.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/business/fcnrb-deposit-boom-reshapes-banking-race-icici-bank-and-foreign-lenders-emerge-as-key-winners"
  },
  "original_language": "en",
  "account": "In India's banking sector, a significant surge in FCNR(B) deposits has reshaped the competitive landscape, with ICICI Bank and foreign lenders emerging as the key winners. This phenomenon was fueled by the RBI's foreign currency deposit scheme, which attracted a staggering $136.4 billion in total inflows, equivalent to Rs 12.96 lakh crore. Among large private-sector lenders, ICICI Bank led the charge, mobilising an estimated $17.88 billion, or roughly Rs 1.70 lakh crore, giving the bank an estimated 18% market share. Jefferies estimates ICICI Bank's share to be around 14%, still nearly twice its usual deposit-market presence. RBL Bank also performed remarkably well, mobilising around $3.4 billion or approximately Rs 32,000 crore, according to MOSL. Foreign lenders, including HSBC and Standard Chartered, captured a significant share of the inflows, with HSBC securing around 22% of the total deposits and Standard Chartered claiming around 7%. The success of ICICI Bank and foreign banks underscores the effectiveness of their strategies in leveraging overseas balance sheets and offering competitive interest rates, positioning them as the leading beneficiaries of the FCNR(B) deposit boom.",
  "summary": "Mumbai: The sharp surge in FCNR(B) deposits has created clear winners in India’s banking sector, with ICICI Bank and several foreign lenders capturing a sizeable share of the foreign currency inflows. Brokerage reports from Macquarie, Jefferies, Motilal Oswal Financial Services (MOSL) and BofA Securities suggest that banks offering competitive interest rates and effectively using their overseas…",
  "key_points": [],
  "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."
}