State Bank of India

5 billion under the Reserve Bank of India’s three concessional swap schemes, accounting for almost 20% of the total mop-up by banks until July 31. 5 billion has come in through foreign currency bonds, a source said. Some of the public sector banks, including Indian Bank , Canara Bank and Bank of Baroda , have hit the $1-billion mark in FCNR(B) deposits during this period, according to sources. While the figure for Punjab National Bank (PNB) could not be confirmed, it had reached $425 million by the middle of July. 5 billion under the RBI’s swap window.

Besides FCNR(B) deposits, SBI has raised $1 billion via overseas foreign currency borrowings (OFCBs) and $500 million through the unsecured floating rate note (FRN) programme in two tranches. Most of the FCNR(B) deposits have flown in through West Asia , sources said. Initial flows from Singapore and Hong Kong have considerably slowed down due to tax concerns. A withholding tax of 10% in Singapore on loan interest earned has turned out to be a major hindrance for FCNR(B) deposit mobilisation. SBI offers a 9x leverage on FCNR(B) deposits to its clients under the scheme.

50% for three-year deposits of over $1 million and 6% for a maturity of five years. 5 billion. Standard Chartered is also one of the aggressive players and had crossed $2 billion by July 22, sources said. SBI, with significant overseas presence, is best poised to lead the pack in garnering FCNR(B) deposits.