Mumbai, July 17 -- Federal Bank is betting on the Reserve Bank of India's relaxed foreign currency non-resident bank (FCNR-B) deposit scheme to bolster its funding base and support credit growth while reducing reliance on wholesale deposits, managing director and chief executive officer KVS Manian said.

"We have had early flows. Both leverage and unleveraged flows we have had," Manian said during the bank's post-earnings media call on Friday, adding that it has not yet disclosed the amount mobilized.

The bank is offering leverage in the range of 8-12 times for eligible customers under the scheme and is tying up additional funding lines to support the programme.

"We are in various stages of organizing leverage for our customers as well ...