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Events / Regulatory / RBI Reopens FCNR-B for HDFC Bank
Regulatory regulatory change

RBI Reopens FCNR-B for HDFC Bank

Analysis based on 9 articles · First reported Jun 11, 2026 · Last updated Jun 13, 2026

Sentiment
70
Attention
6
Articles
9
Market Impact
Direct
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The State Bank of India's FCNR-B scheme is expected to boost foreign currency inflows, strengthening India's foreign exchange reserves. HDFC Bank is projected to be a major beneficiary, potentially leading to increased growth and improved margins, which could positively impact its stock price and the broader banking sector.

banking financial services
Event Summary

The State Bank of India has reopened its FCNR-B deposit window and allowed External Commercial Borrowing raisings, offering to bear hedging costs and exempting these deposits from Statutory Liquidity Ratio and Cash Reserve Ratio requirements. These measures aim to attract foreign currency inflows, strengthen foreign exchange reserves, and support capital inflows into India. Brokerage firm Jefferies identified HDFC Bank as a key beneficiary, citing its success in mobilizing USD 3.4 billion under a similar scheme in 2013. Axis Bank — Axis Direct also provided a positive outlook for HDFC Bank, highlighting corporate and retail growth drivers and setting a target price of Rs 975 per share. Despite recent governance scrutiny, including the resignation of its part-time Chairman Manas Chakraborty and an FIR against CEO Sashidhar Jagdishan, HDFC Bank has received clean chits from the State Bank of India, the India — Securities and Exchange Board of India, and the India — Bombay High Court, reinforcing its positive business trajectory.

Key Actions
95 State Bank of India reopened FCNR-B deposit window
80 Jefferies identified beneficiary HDFC Bank
75 Manas Chakraborty resigned HDFC Bank
70 Axis Bank — Axis Direct assigned target price HDFC Bank
60 India — Bombay High Court quashed FIR Sashidhar Jagdishan
60 India — Securities and Exchange Board of India gave clean chit HDFC Bank
50 State Bank of India reassured markets HDFC Bank
50 Keki Mistry reassured investors HDFC Bank
Entities Involved
stock
HDFC Bank
HDFC Bank is expected to be a key beneficiary of the State Bank of India's FCNR-B scheme, which will aid its growth and margins by providing access to larger pools of funds. The bank has also received positive assessments from brokerages and clean chits from regulators regarding governance issues.
Importance 100 Sentiment 75
stock
State Bank of India
The State Bank of India reopened the FCNR-B deposit window and allowed External Commercial Borrowing raisings, offering to bear hedging costs and exempting deposits from SLR and CRR requirements. These measures aim to strengthen foreign exchange reserves and support capital inflows into India.
Importance 90 Sentiment 60
priv
Jefferies
Jefferies, a brokerage firm, identified HDFC Bank as a likely key beneficiary of the State Bank of India's FCNR-B scheme, based on its past performance in a similar 2013 program.
Importance 60 Sentiment 0
subs
Axis Bank — Axis Direct
Axis Bank — Axis Direct, a brokerage firm, provided a positive assessment of HDFC Bank's business outlook, highlighting corporate and retail growth drivers and assigning a target price of Rs 975 per share.
Importance 50 Sentiment 0
per
Sashidhar Jagdishan
Sashidhar Jagdishan, Managing Director and CEO of HDFC Bank, had an FIR against him quashed by the India — Bombay High Court, clearing him of bribery and cheating allegations.
Importance 40 Sentiment 50
govactor
India — Bombay High Court
The India — Bombay High Court quashed an FIR against HDFC Bank's Managing Director and CEO, Sashidhar Jagdishan, in the Lilavati Trust matter, describing the case as an abuse of the criminal process.
Importance 30 Sentiment 0
govactor
India — Securities and Exchange Board of India
The India — Securities and Exchange Board of India gave HDFC Bank a clean chit regarding governance-related developments, providing positive prospects for the bank.
Importance 30 Sentiment 0
per
Manas Chakraborty
Manas Chakraborty resigned as part-time Chairman of HDFC Bank, which he described as a routine matter. The State Bank of India confirmed no material concerns regarding the bank's governance following his resignation.
Importance 20 Sentiment 0
per
Keki Mistry
Keki Mistry, Interim Chairman of HDFC Bank, reassured investors about the bank's strong governance standards and unchanged business priorities after the resignation of Manas Chakraborty.
Importance 20 Sentiment 0
stock
ICICI Bank
ICICI Bank was mentioned as a mobilizer of funds under the 2013 FCNR-B scheme, though less than HDFC Bank.
Importance 10 Sentiment 20
stock
State Bank of India
State Bank of India was mentioned as a mobilizer of funds under the 2013 FCNR-B scheme, though less than HDFC Bank.
Importance 10 Sentiment 20
NEWSDESK
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