Indian Bank plans to raise $400 mn via ECB this week: MD Binod Kumar
To cash in on the RBI's concessional swap window, Indian Bank plans to raise USD 400 million through External Commercial Borrowings (ECB) this week to support its business growth.
In addition, the public sector lender may mop up another USD 600 million via ECB before the Reserve Bank of India's deadline of December 31, 2026.
"The bank is considering raising USD 400 million via the ECB route as early as this week...the overseas fund raise would come at a very competitive rate," Indian Bank MD and CEO Binod Kumar told PTI in an interview.
Post August, he said, the bank would consider garnering another USD 600 million as the RBI window is available till the end of the calendar year.
Overall, the bank is planning to garner USD 1 billion from the ECB and about USD 2 billion via Foreign Currency Non-Resident (Bank) or FCNR (B) deposits, he said.
"Indian Bank has already raised USD 1.5 billion from FCNR(B) deposits...we have seen good demand from NRIs.
They are willing to put their money
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