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Source: The Hindu BusinessLine
ICICI Bank raises $17.88 billion under RBI’s FCNR scheme
ICICI Bank has mobilised $17.88 billion through the RBI’s FCNR deposit scheme. Its overseas units have also provided loans against these deposits.
The reported mobilisation puts a dollar figure on ICICI Bank’s activity under the scheme. However, the available report does not specify the collection period or give a breakdown of the deposits. It also does not identify how much was mobilised through individual branches or subsidiaries.
Alongside the deposit mobilisation, the bank’s overseas branches and subsidiaries have lent against the deposits. The report does not state the total value of these loans, their terms or who received them. The $17.88 billion figure therefore refers to the amount mobilised, not a separately reported lending total.
Guarantees have also been provided to other banks. No guarantee amount is stated, and the banks receiving them are not named. The information available does not establish how the guarantees were divided among the lender’s overseas operations.
The update covers deposit mobilisation, lending against those deposits and guarantees to other lenders. It does not provide deposit pricing, maturity details or an assessment of the financial outcome for ICICI Bank. Those gaps limit what can be concluded beyond the reported mobilisation and related activities.
