India Banks Eye 40 Billion Dollars in Foreign Deposits
Punjab National Bank CEO Ashok Chandra expects the banking sector to raise up to 40 billion dollars through a new foreign currency deposit scheme. The Reserve Bank of India will bear hedging costs for multi-year deposits to encourage dollar inflows and support the rupee.
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PUNJAB NATIONAL BANK expects Indian lenders to raise $35 billion to $40 billion through a new central bank foreign currency deposit scheme. The Reserve Bank of India will cover hedging costs for three-year to five-year deposits to support the rupee. This initiative aims to attract dollar inflows from the global Indian diaspora by offering yields that exceed United States Treasuries.
