RBL Bank has raised approximately $150 million through Foreign Currency Non-Resident (FCNR) deposits within about a month, targeting the non-resident Indian (NRI) community in West Asia, the bank’s management said during its Q1FY27 earnings call. This fundraising follows Emirates NBD's acquisition of a majority stake in RBL Bank on June 18, which involved a capital infusion of about $2.75 billion, marking the largest foreign direct investment in India’s banking sector, according to livemint.com.
The bank’s managing director and chief executive officer, R. Subramaniakumar, indicated that while no specific fundraising target has been set, RBL Bank plans to mobilize as much as possible through the FCNR route. This strategy leverages the bank’s new ownership under Emirates NBD to attract deposits from the sizeable NRI population in West Asia, a key market for foreign currency deposits. The FCNR deposits are a key part of the bank’s funding mix as it looks to support its next phase of growth, as detailed in the earnings call transcript on livemint.com.
This $150 million FCNR deposit raise is significant as it complements the $2.75 billion capital infusion by Emirates NBD, which is the largest foreign direct investment in India’s banking sector to date. The move highlights RBL Bank’s focus on diversifying its funding sources by tapping into the NRI deposit base, a strategy that is increasingly important for Indian banks amid rising competition and regulatory pressures. Comparable large-scale foreign investments in Indian banks have often been followed by efforts to deepen deposit bases from overseas markets, according to livemint.com.
RBL Bank’s next quarterly earnings report, expected in October 2026, will provide more clarity on the total FCNR deposits mobilized and the impact on the bank’s funding profile. The bank’s management has emphasized ongoing efforts to attract NRI deposits as part of its broader growth strategy under Emirates NBD’s majority ownership, as stated in the Q1FY27 earnings call on livemint.com.