HDFC Bank could emerge as one of the key beneficiaries of the Reserve Bank of India’s latest measures aimed at attracting foreign currency inflows, with brokerage firm Jefferies noting that the lender was the largest mobiliser of funds under the FCNR-B scheme launched in 2013.

The RBI reopened the FCNR-B deposit window on Monday and allowed External Commercial Borrowing (ECB) raisings while offering to bear the cost of hedging, a move aimed at strengthening foreign exchange reserves and supporting capital inflows.

According to Jefferies, a similar scheme introduced in 2013 had mobilised $34 billion in total funds, including $26 billion through FCNR-B deposits and $8 billion through ECB borrowings. Among banks, HDFC Bank had mobilised the largest pool of funds under the scheme.

“In the 2013 scheme, HDFC Bank had mobilised USD 3.4bn (7 per cent of total deposits as of Jun-13), followed by ICICI Bank, SBI and select foreign banks. This allowed them access to larger pools of funds and aided growth and margins,” Jefferies said.

The brokerage noted that the RBI’s latest measures are more liberal than those announced in 2013. Under the new framework, the central bank may bear the entire hedging cost on eligible FCNR-B deposits and has exempted such deposits from Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR) requirements.

Jefferies said the success of the 2013 programme was driven in part by the ability of depositors to leverage their personal funds by 10-20 times. However, it added that clarity is still awaited on whether similar leverage facilities will be available under the current scheme.

Separately, HDFC Bank has continued to receive positive assessments from brokerages on its business outlook.

Axis Direct in a brokerage report in April said the bank’s corporate growth remains supported by demand from sectors such as electronics, food processing, renewable energy and semiconductors. It added that project finance and supply-chain financing could provide incremental growth opportunities.

The brokerage also highlighted improving traction in the retail segment, driven by vehicle loans, personal loans and resilient housing demand. It expects further growth through branch expansion, digital channels and deeper engagement with salary-account customers.

Reflecting its positive outlook, Axis Direct assigned a target price of Rs 975 per share to HDFC Bank. The stock was trading at Rs 741.45 per share at the time of filing this report.

In last few months, HDFC Bank has faced scrutiny over a series of governance-related developments. However it got a clean chit from RBI and the market regulator SEBI who gave positive prospects for the bank.

In May 2026, the Bombay High Court has also quashed an FIR alleging bribery and cheating against HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan in the Lilavati Trust matter. The court observed that the complaint was linked to the bank’s efforts to recover dues exceeding Rs 65 crore and described the case as an abuse of the criminal process.

The bank has also witnessed the resignation of its part-time Chairman Atanu Chakraborty in March 2026. However, on March 19, 2026 Chakraborty himself, in an interview to ANI described the development as a routine matter.

Speaking to ANI, Chakraborty said, “That’s (resignation) on the exchange website. Nothing worth discussion. It’s quite routine,” indicating that the details of his resignation have already been disclosed through official channels.

Following the resignation, the Reserve Bank of India stated that HDFC Bank, classified as a Domestic Systemically Important Bank (D-SIB), continued to have sound financials, a professionally run board and a competent management team. The regulator said it had found no material concerns regarding the bank’s governance or conduct.

Interim Chairman Keki Mistry also reassured investors, stating that the bank’s governance standards, controls and risk-management framework remained strong and that its business priorities and operational direction were unchanged.

Against this backdrop, the RBI’s latest FCNR-B measures and improving business outlook could provide fresh support for HDFC Bank’s growth trajectory.

Published on June 11, 2026