Indian Bank to raise $400 million via ECB this week

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.