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Informist, Friday, Sept. 11, 2026

 

--HSBC India MD: Mobilised FCNR deposits worth $10 bln via GIFT City branch  
--HSBC India MD: Mobilised deposits worth $14 bln via FCNR deposit 

 

By Priyasmita Dutta

 

MUMBAI – HSBC India has mobilised foreign currency non-resident (banks) deposits worth $14 billion under the Reserve Bank of India's special swap facility by Aug. 31, the deadline, Managing Director and head of banking Ajay Sharma said Friday. Of this, $10 billion was mobilised through its branch in Gujarat International Finance Tec-City in Gandhinagar, Sharma told Informist on the sidelines of Global Fintech Fest 2026. 

 

With robust FCNR deposits, HSBC is likely among the top league of banks with the highest volume of FCNR deposits under the central bank's swap facility. RBI data shows that total FCNR (B) deposits mobilised between Jun. 8 and Aug. 31 under the special swap window were at $127.23 billion, of which a whopping $54.38 billion was received in the scheme's final 10 days. 

 

In June, the RBI had announced a swap window to boost foreign capital inflows, under which it would bear the hedging costs for banks converting funds raised through mobilisation of three- to five-year FCNR(B) deposits. In August, the RBI had revised the deadline for the FCNR(B) swap facility, saying it would remain available only until Aug. 31, against the earlier deadline of Sept. 30.

 

The finance ministry had disclosed bank-wise FCNR deposits data in early August, which showed HSBC leading the game, with its outstanding deposits rising the most since the scheme was announced, by $6.14 billion. At that time, state-owned banks' holdings of such deposits had collectively risen by $8.84 billion in the same period, while private sector banks had recorded a rise of $10.73 billion. Foreign banks' FCNR deposits, including HSBC, had risen by $8.37 billion in the same period, the ministry had said. 

 

According to Sharma, the bank's leverage facility made its FCNR deposit offering very attractive, leading to a healthy amount of inflows. Leverage refers to the multiple of the FCNR(B) deposits that a bank is willing to lend against.

 

HSBC Holdings Plc.'s profit before tax rose by $3.7 billion or 23% to $19.5 billion in Apr-Jun compared to the year-ago figure, the foreign bank said in a statement. Net interest income during the same period increased by $1.4 billion from the year-ago figure, primarily driven by deposit balance growth and the benefit of reinvestment of its structural hedge at higher yields, the bank said.  End

 

US$1 = INR 95.69

 

Edited by Avishek Dutta

 

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