IDFC FIRST Bank has mobilised $3.57 billion in deposits from non-resident Indians (NRIs) under the Reserve Bank of India's FCNR(B) swap window, according to the bank's exchange filing.

The amount raised is equivalent to roughly 11% of the bank's deposit base as of June 30, 2026, the filing showed. In addition, the bank's IFSC Banking Unit (IBU), based at the GIFT City international financial centre in Gujarat, facilitated around $2.60 billion (₹24,720 crore) of lending during the period. GIFT City, operational as India's first international financial services centre, offers banks based there tax and regulatory advantages for cross-border transactions, and has become a growing channel for Indian banks serving overseas clients.

The FCNR(B) — Foreign Currency Non-Resident (Bank) — account scheme allows NRIs to hold term deposits in foreign currency with Indian banks. Because these deposits are maintained in foreign currency, they do not carry rupee exchange-rate risk for the depositor, distinguishing them from rupee-denominated NRI deposit schemes. The RBI's swap window for such deposits was introduced in 2013, during a period of pressure on the rupee, to encourage foreign currency inflows by offering banks a concessional forward rate to hedge the currency risk on these deposits. The facility had earlier attracted large NRI inflows into Indian banks.

The latest mobilisation comes as international fundraising by Indian banks gathers pace. IDFC FIRST Bank has also been active in the overseas bond market recently, and its first-quarter results showed continued growth in loans and deposits, with an improved CASA (current account savings account) ratio. Foreign currency deposits of this kind add to a bank's funding base in dollar terms, and their share of total deposits — about 11% in this case — is a figure watchers of the bank's quarterly filings can track in future updates alongside deposit growth and CASA trends.

(Source: CNBC-TV18, based on the bank's exchange filing)