Indian Bank Raises $400 Million Through GIFT City Branch
· Business · Economic Times, LiveMint
State-owned Indian Bank has raised $400 million through a four-year overseas funding programme executed via its GIFT City branch. The fund mobilisation was completed on Tuesday as Indian lenders increasingly tap global debt markets. Banks are fast-tracking dollar bond issuances following a regulatory decision to advance the closure of the concessional swap window for foreign currency non-resident deposits. Other institutions including Axis Bank, ICICI Bank, Federal Bank, IDFC First Bank, Kotak Mahindra Bank and Yes Bank are also active in overseas markets. Axis Bank and ICICI Bank have collectively raised over $1 billion through similar foreign funding rounds.
Why it matters
The overseas borrowing rush by public and private lenders impacts domestic credit growth and foreign currency management as banks adjust to regulatory changes in deposit windows.
Read the original report — Economic Times
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