India raises $72.8 billion via overseas deposits, loans, central bank says
- Indian banks secured $65.4 billion via FCNR deposits in a major overseas borrowing push, as a key forex swap facility concludes August 31
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 banks have raised $65.4 billion via Foreign Currency Non-Resident, or FCNR, deposits.
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The RBI added $7.45 billion was raised via other foreign currency borrowings.
India’s central bank will close a discounted forex swap facility for banks to hedge ?overseas deposits raised from non-resident Indians on August 31.