ICICI Bank, HSBC and RBL Bank emerged among the key beneficiaries of India’s latest FCNR(B) deposit drive, with aggressive pricing and overseas balance sheets helping banks capture significant inflows, according to brokerage reports from Macquarie, Jefferies and MOSL
The RBI said authorised dealer banks raised $72.848 billion in forex inflows under its special swap facility till August 21, with FCNR(B) deposits contributing $65.397 billion. Foreign exchange reserves also rose nearly $10 billion to $716.90 billion.
