HSBC, ICICI Bank Lead GIFT City Lending Drive As Lenders Attract Record NRI Forex Deposits
HSBC Holdings and ICICI Bank’s GIFT City operations have become the largest lenders under the Reserve Bank of India’s foreign-exchange swap programme for foreign-currency non-resident deposits, highlighting the growing importance of Gujarat International Finance Tec-City as a channel for global capital flows. According to a report by Bloomberg, the two banks together provided $19.3 billion in…
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