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Informist, Wednesday, Sept. 9, 2026

--Union Bk MD: Raised $2.25 bln FCNR(B) deposits under RBI swap window 

--Central Bk ED: Raised $925 mln FCNR(B) deposits under RBI swap window 

--Sources: Bk of Baroda raised near $8 bln FCNR(B) deposits via RBI FX scheme

By Kabir Sharma and J. Navya Sruthi

MUMBAI – Bank of Baroda raised nearly $8 billion in foreign currency non-resident (banks) deposits under the Reserve Bank of India's special swap facility between Jun. 8 and Aug. 31, according to two officials aware of the matter. Under the facility, the central bank is absorbing the entire hedging cost for three- to five-year FCNR(B) deposits through a concessional swap window.

According to recent data from the RBI, total FCNR(B) deposits mobilised between Jun. 8 and Aug. 31 under the special swap window were $127.23 billion, of which a whopping $54.38 billion was received in the scheme's final 10 days. Bank of Baroda mobilised around 6% of the total FCNR(B) deposits under the special swap facility.

Union Bank of India raised $2.25 billion under the same scheme, said Asheesh Pandey, managing director and chief executive officer at the bank. Central Bank of India's Executive Director M.V. Murali Krishna said the bank raised $925 million under the special swap facility between Jun. 8 and Aug. 31.

For the June quarter, Bank of Baroda had reported a net profit of INR 12.78 billion and total income of INR 366.81 billion. Union Bank of India had reported a net profit of INR 53.32 billion and total income of INR 318.06 billion. Central Bank of India had reported a net profit of INR 13.24 billion and total income of INR 106.78 billion. Wednesday, shares of Bank of Baroda ended at INR 234.10 on the National Stock Exchange, down 1% from Tuesday. Shares of Union Bank ended 0.4% higher at INR 183.89 while shares of Central Bank of India ended 1.2% lower at INR 30.58.  End

US$1 = INR 95.10

Edited by Rajeev Pai

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