India's ICICI Bank mobilises $17.9 billion under RBI foreign currency deposit scheme
India's ICICI Bank mobilises $17.9 billion under RBI foreign currency deposit scheme Sept 2 (Reuters) - ICICI Bank ICBK.NS has mobilised about $17.88 billion under the Reserve Bank of India's foreign currency non-resident deposits scheme through August 31, the private lender said on Wednesday.
Here are some key details:
The bank said loans provided by international branches and subsidiaries against such deposits stood at $9 billion
The lender has also issued $3.63 billion in guarantees to other banks for loans backed by the deposits
In June, the Reserve Bank of India introduced a set of foreign exchange measures, including concessional swap facilities aimed at boosting overseas borrowing by state-run firms and attracting foreign currency non-resident deposits
The RBI's foreign exchange forward position climbed to an all-time high of $136.7 billion in July, fueled by a surge in overseas deposits following the central bank's measures to attract dollar inflows and support the rupee
(Reporting by Mridula Kumar in Bengaluru; Editing by Mrigank Dhaniwala)
((mridula.kumar@thomsonreuters.com))
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