PNB raising $1 billion for FCNR on-lending

Punjab National Bank is set to secure a substantial one billion dollars through a five-year loan arrangement. This initiative is being coordinated with international financiers to enhance participation. The loan will be eligible for the Reserve Bank of India's special swap facility. Indian banks are eager to tap into dollar funds to capitalize on overseas client deposits, targeting potential leveraged investors in the forex-deposit program.

from Economic Times https://ift.tt/4EhS17K