For private banks, data on FCNR deposits is… private.
During their June quarter earnings calls held on Saturday, top executives of HDFC Bank, ICICI Bank and Axis Bank, India’s first, second and third-largest private banks respectively, did not reveal FCNR(B) deposit figures. However, these banks have repeatedly said that the response from non-resident Indians (NRIs) has been strong, and that they see this opportunity as significant. Estimates by market participants peg inflows of $12-15 billion so far, with earlier estimates suggesting overall inflows of as much as $40 billion by the time the scheme ends on 30 September.
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