Fcnr Deposits
Latest news, explainers and analysis on Fcnr Deposits. Tracking 6 stories on Arth Vani.
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Latest on Fcnr Deposits
Indian Bank to Raise $400 Million via Foreign Loans to Fuel Business Growth
Public sector lender Indian Bank is set to raise $400 million through External Commercial Borrowings (ECB) this week. The bank also plans to secure an additional $600 million by 2026 and targets $2 billion in FCNR(B) deposits to support its digital and expansion goals.
Indian Bank to Raise $400 Million via Foreign Loans to Fuel Business Growth
Public sector lender Indian Bank is set to raise $400 million through External Commercial Borrowings (ECB) this week. This move is part of a larger plan to secure $1 billion in foreign funding and $2 billion in FCNR(B) deposits to support its digital and credit expansion.
Foreign Banks Challenge Local Rivals as FCNR Deposits Surge 15-Fold to $8.97 Billion
Foreign banks in India have seen a massive 15-fold jump in Foreign Currency Non-Resident (FCNR) deposits, reaching $8.97 billion as of July 30. Major players like HSBC and Standard Chartered are narrowing the gap with domestic banks by aggressively mobilizing dollar-denominated savings from Non-Resident Indians.
HDFC, ICICI Bank Raise Dollar Deposit Rates Ahead of Sept 30 Scheme End
HDFC Bank and ICICI Bank have increased interest rates on their dollar-denominated FCNR(B) deposits. This move aims to attract foreign currency as a special scheme for these deposits concludes on September 30, 2022. The rate adjustments are a response to rising global interest rates and increased borrowing costs overseas.
Indian Banks Attract ₹1.72 Lakh Crore in Foreign Funds Via RBI Swap Window
Indian banks have mobilized a significant ₹1.72 lakh crore ($20.72 billion) in foreign currency, primarily through a special swap facility offered by the Reserve Bank of India (RBI). This major inflow, largely from Foreign Currency Non-Resident (FCNR) Deposits, strengthens India's foreign exchange reserves and boosts its economic standing.
Banks Seek RBI Nod to Help NRIs Switch to Higher Interest Deposits
Indian banks are requesting the RBI to allow NRIs to break existing foreign currency deposits and re-invest them at higher interest rates without heavy penalties. This move follows a temporary RBI scheme to boost dollar inflows by absorbing currency hedging costs.
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