HSBC tops FCNRB deposits raised with $6.1 billion so far, SBI 2nd at $4.1 billion
HSBC raised $6.14 billion in Foreign Currency Non-Resident (Bank) deposits under the Reserve Bank of India’s concessional swap facility, leading the sector. State Bank of India follows with $4.12 billion, while private banks collectively raised $10.73 billion. This surge in deposits is driven by NRIs leveraging their investments, with returns potentially reaching 15%.