ICICI Bank mobilises $17.9 bn under RBI foreign currency deposit scheme

ICICI Bank has mobilised about $17.88 billion under the ​Reserve Bank of India's foreign ​currency non-resident deposits scheme | Image: Bloomberg

ICICI Bank 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. 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

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