Union Bank Eyes $1.5-2 Billion Through FCNR (B) Deposits
The bank is offering around 6.10-6.6 per cent rates on FCNR(B) deposits
Mumbai: State owned Union Bank of India is aiming to garner around $1.5-2 Bbillion under the Foreign Currency Non-Resident Bank/ FCNR (B) deposits under the RBI’s concessional swap window, which is available till September-end 2026. Since early June 2026, when the RBI announced measures to attract foreign capital, the bank has raised $106 million from NRIs under the scheme without providing any leverage. In addition, the lender is also targeting Overseas Foreign Currency Borrowings of around $200-300 million.
“The Bank has already mobilised around $106 million under the FCNR(B) scheme. It aims to garner around $1.5-2 billion of FCNR(B) inflows under the scheme. Flows are expected to pick up as awareness has improved. FCNR deposits typically pick up later as customers wait for rate stability,” Asheesh Pandey, MD and CEO, Union Bank of India told reporters at the Bank’s Q1FY27 earnings press conference.
The bank is offering around 6.10-6.6 per cent rates on FCNR(B) deposits.
The Bank’s net profit rose 29.54 per cent year-on-year (y-o-y) at ₹5,332 crore on the back of an increase in net interest income and decline in provisions. It had reported a net profit of ₹4,116 crore in the year-ago quarter.
