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.Here are some details:* 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* 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.
India raises $72.8 billion via overseas deposits, loans, central bank says
Indian banks have raised over seventy-two billion dollars through overseas borrowings. These funds were secured from non-resident Indians and other loan sources. Banks have been permitted to use these foreign funds for lending to non-resident Indians. The Reserve Bank of India reported sixty-five billion dollars via FCNR deposits. A discounted forex swap facility for banks will close on August thirty-first.
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