ICICI Bank raises $17.9 billion through FCNR(B) window, boosts lending liquidity

ICICI Bank secured approximately $17.88 billion via the RBI's special swap facility. This mobilization provides the bank with substantial foreign-currency funding for loans. Loans extended against these deposits and supported by SBLCs reached over seventy percent. Indian banks collectively gathered $65.4 billion through FCNR(B) deposits by August twenty-first.