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The Economic Times

India banks could raise $35-$40 billion via RBI's foreign currency deposit scheme, PNB CEO Ashok Chandra says

Ashok Chandra RBI PNB India Indian Bank Reserve Bank of India United States Federal Bank Jefferies

MUMBAI: India's Punjab National Bank expects the banking sector to raise $35 billion to $40 billion via foreign currency deposits under a scheme announced by the central bank on Friday, a top executive told Reuters.

The Reserve Bank of India will bear the full hedging cost for three-year to five-year foreign currency non resident (FCNR) deposits, it said on Friday, as part of a broader set of measures to ‌encourage dollar flows ⁠and ⁠stem the depreciation pressure on the rupee.

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