ICICI Bank has reported mobilizing approximately US$17.88 billion under the RBI’s foreign-currency non-resident deposit initiative through August 31.
According to figures released by the bank, its international branches and subsidiaries had provided around US$9 billion in loans secured against these deposits. The bank also issued approximately US$3.63 billion in guarantees to other financial institutions for deposit-backed lending.
The RBI introduced the supporting measures in June to attract additional foreign-currency deposits from NRIs and overseas borrowing by Indian public-sector companies. Participating banks were offered concessional dollar–rupee swap arrangements.
ICICI Bank’s figures illustrate the considerable response from overseas Indians to the programme. However, the US$17.88-billion amount represents deposits mobilized by ICICI Bank alone and should not be confused with the more than US$100 billion reportedly collected across the Indian banking system.
