Binod Kumar, MD & CEO, Indian Bank
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Indian Bank has raised around $140 million in fresh FCNR (B) deposits till date from the time the new RBI swap window kicked in, in the month of June.“My plan is to raise around $2 billion in FCNR (B) deposits till September. It may seem high but I already have a pipeline of $1 billion visible,” Binod Kumar, MD and CEO, Indian Bank, told select media persons on Friday, after the earnings.Indian Bank currently offers a rate of interest of 6 per cent on such FCNR (B) deposits.In comparison to fresh flows of $140 million, the bank had an outstanding balance of around $457 million in FCNR (B) accounts as of March 2026. Prior to this, the MD and CEO said the public sector bank saw such a jump back in 2013, when such a scheme came.The Reserve Bank of India has introduced a special forex swap window for FCNR (B) deposits to attract foreign currency and strengthen reserves. This went live on June 8 and started to be effective at banks a few days from then, and is operative till September 30, 2026, for 3-5 year maturities.These guidelines allow banks to offer higher interest rates (up to 7.1 per cent) by removing interest rate caps and provide exemptions from CRR/SLR requirements.Published on July 10, 2026
