Private banks quiet on FCNR(B) inflows since June 5 launch
Most large private banks aren't sharing how much money they've pulled in from the FCNR(B) deposit scheme, which kicked off June 5 to attract overseas funds with the RBI's special dollar-swap rates.
Even though HDFC Bank, ICICI Bank, and Axis Bank mentioned strong NRI interest during their July earnings calls, none revealed actual figures.
The scheme runs until September 30 and was expected to bring in big deposits.
RBI orders daily deposit reporting
RBL Bank is the only private lender to confirm raising $150 million so far. Overall deposits are estimated at $12 billion to $15 billion, way below the earlier $40 billion target.
Public sector banks have been more transparent: Union Bank of India has raised $106 million, Punjab National Bank reported $419 million, and others are aiming for similar numbers.
The RBI has now asked all banks to report their deposit data daily and urged them to boost their efforts so the scheme doesn't fall short.