PNB mobilizes $419 million in FCNR(B) deposits, targets $2.5 billion by September 2026

Punjab National Bank has raised $419 million through FCNR(B) deposits so far, and is on track to hit its $2.5 billion target by September 30, 2026.

FCNR(B) (Foreign Currency Non-Resident Bank) deposits let NRIs park foreign currency savings in Indian banks without exchange rate risk, since both the deposit and repayment happen in the same foreign currency.

For banks, these deposits aren't just liabilities on the balance sheet—they're a strategic source of foreign currency funding that supports overseas lending and trade finance.