Hsbc
Latest news, explainers and analysis on Hsbc. Tracking 3 stories on Arth Vani.
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Latest on Hsbc
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.
Indian Manufacturing Growth Hits 5-Year Low in July Amid Slowing New Orders
India's manufacturing activity recorded its slowest growth in five years this July, with the HSBC Purchasing Managers' Index (PMI) falling to 53.5. This decline from 54.2 in June is primarily attributed to a significant slowdown in new orders and challenging market conditions. While still indicating expansion, the pace is weaker than both the previous month and the long-run average.
Kotak Mahindra Bank Secures ₹5,000 Crore ($600M) Overseas Loan from HSBC, CTBC Bank
Kotak Mahindra Bank is set to raise $600 million (approximately ₹5,000 crore) through an overseas loan from HSBC and CTBC Bank. This strategic move aims to attract foreign currency into India, likely to support Foreign Currency Non-Resident (Bank) deposits, leveraging a special swap facility provided by the Reserve Bank of India.
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