2 weeks ago

Indian Bank to raise $400 million via ECB this week

Indian Bank to raise $400 million via ECB this week
Indian Bank plans to raise $400 mn via ECB this week: MD Binod Kumar · thehindubusinessline.com

Indian Bank wants to borrow money from lenders in other countries.

It plans to borrow $400 million this week because the central bank made it cheaper to do so.

The bank might borrow another $600 million later in the year.

In total, it hopes to borrow about $1 billion this way.

The bank is also getting money from Indian people living abroad, who deposit their savings in a special account.

These deposits earn attractive returns, and Indian Bank has already received $1.5 billion from them.

The Reserve Bank of India stopped one of its special programs early because banks were already getting a lot of money through it.

Indian Bank also just celebrated its 120th birthday by opening 15 new branches.

It launched new technology, including voice banking and a cybersecurity mascot to teach people about online safety.

Key facts

Immediate ECB raise
$400 million planned this week
Additional ECB raise planned
$600 million before December 31, 2026 (total $1 billion)
FCNR(B) deposits raised so far
$1.5 billion, targeting $2 billion
FCNR(B) attracted under RBI scheme
$52.3 billion till August 13
ECBs attracted under RBI scheme
$1.74 billion till August 13
OFCBs attracted under RBI scheme
$2.81 billion till August 13
RBI swap facility launch date
June 8, with FCNR(B) window closed prematurely, ECB/OFCB window open till December 31
Foundation Day
120th Foundation Day celebrated on August 15; 15 branches inaugurated

Quotes

Binod Kumar

MD and CEO of Indian Bank

“"As we celebrate our Foundation Day alongside the 80th Independence Day, we reaffirm our commitment to strengthening financial inclusion, empowering communities and contributing meaningfully to India's journey towards a stronger, more inclusive and prosperous future of Viksit Bharat."”
thehindubusinessline.com
“"The bank is considering raising $400 million via the ECB route as early as this week... the overseas fund raise would come at a very competitive rate."”
thehindubusinessline.com

Sources

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