State Bank of India has collected more than $1.5 billion in foreign-currency deposits from overseas customers since a special program was launched last month, according to people familiar with the matter. The deposits come through a route designed for non-resident Indians and other overseas citizens seeking to place funds with the bank in foreign currency. Bloomberg reports that the total raised so far is above $1.5 billion, based on information from those familiar with the activity. NDTV says the initiative revives an approach previously used by Indian lenders during the 2013 “taper tantrum,” when India attracted about $34 billion to help address pressure on the rupee. Both outlets describe the same key elements: SBI’s new offshore-deposit program for the diaspora, its recent start last month, and the scale of deposits collected to date. Neither report provides further details on the program’s pricing, tenor, or any target fundraising amount.
SBI raises over $1.5 billion in offshore deposits under diaspora program
State Bank of India has collected more than $1.5 billion in foreign-currency deposits from overseas customers since a special program was launched last month, according to people familiar with the mat...
- State Bank of India launches a special offshore-deposit program for overseas citizens last month.
- SBI raises more than $1.5 billion in foreign-currency deposits under the program, according to people familiar with the matter.
- The deposits are sourced from the diaspora/overseas customer base.
- The approach is described as similar to one used by Indian lenders during the 2013 “taper tantrum.”
- The 2013 period is cited as involving about $34 billion raised to help address rupee pressure.
The drive to raise money from the diaspora revived a playbook last used by lenders during the 2013 taper tantrum, when India garnered about $34 billion to stem the rupee's decline.
3 hours agoState Bank of India has so far raised more than $1.5 billion from foreign-currency deposits under a special program launched last month for overseas citizens, people familiar with the matter said.
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