Bank of India raises ₹20,000 crore through FCNR(B) deposits
after close1 source ↓written by the desknot a recommendation
- via Foreign Currency
- ₹20,000 crore
Bank of India has successfully mobilised USD 2.2 billion (approximately ₹20,000 crore) via Foreign Currency Non-Resident (Banks) deposits. This initiative aims to bolster liquidity for lending while decreasing reliance on bulk deposits. The funds will support the bank's lending needs for the next three months, enhancing its financial stability.
• USD 2.2 billion raised
• Funds replace bulk funding
• Supports lending for three months
This move may positively impact the bank's credit growth and overall market sentiment.
Not investment advice. For informational purposes only.