Top 4 PSBs attract nearly $21bn FCNR-B after RBI incentives
Public sector banks (PSBs) have outperformed private banks in attracting Foreign Currency Non-Resident Bank (FCNR-B) deposits, thanks to some smart moves by the Reserve Bank of India (RBI).
By July 30, 2026, the top four PSBs, SBI, Bank of Baroda, Canara Bank, and Punjab National Bank, brought in nearly $21 billion, edging out leading private banks like ICICI and HDFC.
SBI FCNR-B deposits jump to $13.82bn
The RBI rolled out special incentives in June 2026 (think higher interest rates) to encourage more foreign currency savings.
SBI led the pack with deposits jumping from $9.7 billion to $13.82 billion in under two months.
Other PSBs also saw big gains: Bank of Baroda reached $3.87 billion, Canara nearly doubled to $1.9 billion, and PNB more than tripled its total to $1.4 billion.
Overall, these policy tweaks helped almost double FCNR-B deposits across all banks in just eight weeks, a major win for public sector players.