21 Sep 2026 | 5 Mins Read
HSBC leverages FCNR inflows to boost India wealth and retail banking plans
Flipitmoney
HSBC mobilised $14.5 billion in FCNR (B) deposits under the RBI’s special swap facility, second only to ICICI Bank. The deposits, sourced mainly from the Middle East, Singapore, and Hong Kong, offer up to 19x leverage. HSBC plans to use these funds to expand wealth management and retail banking, open 12 more branches, and provide competitive mortgage products in India.