India raises $72.8 billion via overseas deposits, loans, central bank says
NEW DELHI: Banks in India have raised $72.8 billion in overseas borrowings from non-resident Indians and other loans, as part of a raft of measures to boost inflows, the Reserve Bank of India said on Saturday. Lenders have been permitted to use overseas borrowings to offer loans to non-resident Indians. Banks’ overseas fundraising had also been subsidised. The Reserve Bank of India (RBI) said…
The Reserve Bank of India (RBI) reported that Indian banks raised $72.8 billion via overseas deposits and loans in the latest quarter, as part of efforts to boost inflows. This figure includes $65.4 billion raised through Foreign Currency Non-Resident (FCNR) deposits and an additional $7.45 billion from other foreign currency borrowings. The RBI has also indicated that it will discontinue a discounted forex swap facility for banks to manage overseas deposits from non-resident Indians on August 31.
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