new delhi, Sept. 9 -- SBM Bank India, the Indian subsidiary of the SBM Group in Mauritius, mobilised about $100 million through the Reserve Bank of India's (RBI) recently concluded special foreign-currency non-resident bank (FCNR-B) deposit window, using the exercise to expand its retail deposit franchise and acquire new customers. Banks across the country raised $127.23 billion through the facility, one of the largest such deposit mobilisation exercises in recent years. The exercise was a "wonderful opportunity", helping it reach prospective customers in markets such as Africa and the United Arab Emirates (UAE) who had not previously banked with the lender, Amit Jagdhari, executive director and chief financial officer, SBM Bank India, told Mint in an interview. SBM India initially offered about 6.5% on FCNR(B) deposits before raising rates to about 8% towards the end of the window. Its average cost of deposits mobilized through the exercise was about 7%, compared with 7.25% for its domestic retail term deposits, Jagdhari said. "It is a term deposit. It is a 7% term deposit," Jagdhari said, explaining the economics of the funding. But the bigger benefit was customer acquisition. Even prospective customers who did not ultimately place deposits were introduced to the bank, creating opportunities to sell other products. "We got new customers. Now we have a cross-sell opportunity," Jagdhari said. The RBI introduced the special dollar-rupee forex swap facility on June 8 for fresh FCNR(B) deposits with maturities of three to five years. The window was initially scheduled to stay open until 30 September, but was advanced to 31 August following a strong response. Banks can undertake swaps against deposits mobilised under the facility until 11 September. The $127.23 billion raised through the window accounted for the overwhelming majority of the $136.37 billion raised through FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings. FCNR(B) deposits are term deposits held by non-resident Indians in permitted foreign currencies. Unlike rupee-denominated NRE deposits, both principal and interest are denominated in foreign currency, shielding depositors from rupee depreciation. For banks, the window offered a way to raise foreign-currency deposits with greater certainty over currency risk associated with such funding. The RBI lists SBM Bank India among foreign banks operating in India through the wholly owned subsidiary route. As of 31 March 2025, the bank had more than three million customers and 22 branches, while its employee strength stood at 748, according to its FY25 annual report....