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Indian Bank Eyes $400M ECB This Week, $2B in NRI Deposits
Indian Bank's MD Binod Kumar said the lender will raise $400M via ECB this week under the RBI's swap window, with another $600M planned before the Dec. 31 deadline.
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Indian Bank plans to raise $400 million through an External Commercial Borrowing this week, taking advantage of the Reserve Bank of India's concessional swap window, its managing director said.
The state-owned lender could raise another $600 million via ECB before the RBI's Dec. 31 deadline, Binod Kumar told PTI in an interview. The bank is targeting $1 billion in total ECBs and about $2 billion in Foreign Currency Non-Resident (Bank), or FCNR (B), deposits.
"The bank is considering raising $400 million via the ECB route as early as this week," Kumar said. The funds would come "at a very competitive rate" under the RBI's special USD-INR forex swap facility, he added.
Indian Bank has already raised $1.5 billion from FCNR(B) deposits, Kumar said. "We have seen good demand from NRIs. They are willing to put their money in such a product as it provides attractive returns." The bank expects the total to reach $2 billion, he said.