Loans provided by the bank’s international banking unit against these deposits stood at around $1.08 billion (₹10,309 crore).
RBL Bank said the deposit mobilisation was also supported by its promoter, Emirates NBD, and its subsidiaries and affiliates, leveraging the strong UAE-India corridor.
The figures are provisional and unaudited, with the rupee amounts representing convenience translations based on the exchange rate prevailing on August 31.
Ahead of the announcement, RBL Bank shares closed 2.18% higher at ₹388.80 on the NSE.
RBL Bank’s disclosure comes as banks report the scale of dollar inflows generated by the RBI’s special FCNR(B) swap facility, which was designed to attract foreign-currency deposits by offering a government-backed hedging-cost subsidy.
Several major lenders, including HDFC Bank, ICICI Bank, State Bank of India, Punjab National Bank, Axis Bank and Kotak Mahindra Bank, cut FCNR(B) deposit rates from September 1 after the special hedging support ended on August 31.
The government had initially agreed in June to bear hedging costs on three-to-five-year FCNR(B) deposits until September 30. Banks subsequently raised rates on these tenures to as high as 6–6.5%, triggering stronger-than-expected dollar inflows. The deadline was later advanced to August 31, prompting banks to roll back the higher rates.The RBI said on Wednesday that the broader USD-INR swap facility mobilised $136.377 billion through August 31. FCNR(B) deposits accounted for $127.226 billion, or more than 93% of the total, while overseas foreign-currency borrowings contributed $5.260 billion and external commercial borrowings $3.891 billion.
Also Read: RBI forex swap pulls in whopping $136.4 bn, FCNR(B) deposits make up 93%
Separately, ICICI Bank reported gross mobilisation of around $17.88 billion under the facility. Loans extended by its international branches and subsidiaries against these deposits stood at about $9 billion, while standby letters of credit worth $3.63 billion had been issued to other banks against such loans.
ICICI Bank also said it had issued around $3.55 billion in US dollar-denominated bonds during July and August 2026.
An FCNR(B) account allows NRIs, OCIs and PIOs to hold fixed deposits in foreign currency, offering tax-free interest, repatriability and protection against exchange-rate fluctuations.
First Published: Sept 2, 2026 9:08 PM IST
