India raises $72.8 billion via overseas deposits, loans, central bank says

NEW DELHI: Banks in India have raised $72.8 billion in overseas borrowings from non-resident Indians and other loans, as ‌part of ⁠a ⁠raft of measures to boost inflows, the Reserve Bank of India said on Saturday.

Here are some details:

* Lenders ​have been permitted ⁠to use ‌overseas borrowings ​to offer ​loans to non-resident ⁠Indians. Banks' overseas fundraising had also been ​subsidised.


* The Reserve ​Bank of India (RBI) said banks have raised $65.4 billion via Foreign Currency Non-Resident, or FCNR, deposits

* ‌The RBI added $7.45 billion was raised via ​other ​foreign currency ⁠borrowings

* India's central bank will close a discounted forex swap facility for ​banks to hedge overseas deposits raised from non-resident Indians on August 31.