HSBC, State Bank of India (SBI) and ICICI Bank have collectively secured half of all inflows under the Reserve Bank of India's (RBI) deposit incentive scheme, official data shows.
The program, designed to attract foreign currency deposits and strengthen the rupee, has seen significant uptake from these three major lenders.
4 billion. The remaining inflows were distributed among small finance banks and cooperative banks.
The data reveals a clear segmentation in the market response.
Public sector banks attracted $8.8 billion under the scheme, while private sector banks drew $10.7 billion.
Foreign banks, led by HSBC's participation, accounted for $8.4 billion.
The remaining inflows were distributed among small finance banks and cooperative banks.