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Informist, Wednesday, Aug. 12, 2026

--Central Bank of India MD: Raised $250 mln via FCNR(B) deposits so far

MUMBAI – Central Bank of India has raised $250 million through foreign currency non-resident (bank) deposits so far, the bank's Managing Director and Chief Executive Officer Kalyan Kumar said on the sidelines of the Financial Institution Benchmarking and Calibration 2026 seminar here. The bank has set a target to raise $400 million through FCNR(B) deposits by the end of September.

"All (FCNR(B)) flows are from GIFT City unit and we have got $250 million so far," Kumar said. The bank's overall business through its GIFT City unit is $1.7 billion, the official said.  

The bank has revised its rates on the FCNR(B) deposits since the Reserve Bank of India announced a concessional swap window for fresh FCNR(B) deposits and later withdrew the interest ceiling on fresh deposits in June. Central Bank of India has raised its rates on three- to four-year deposits by 50 basis points to 6.50% and those on four- to five-year deposits by 55 bps to 6.55%. The bank has raised its deposit rates on five-year deposits by 60 bps to 6.60%.  

In line with the theme of FIBAC 2026, Kumar said the bank has an overall capital expenditure of INR 10 billion for 2026-27 (Apr-Mar) for its artificial intelligence operations. At a panel discussion at the event, Kumar said the bank plans to deploy AI in fraud detection and maintain asset quality in the near future.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by J. Navya Sruthi and Sagar Sen

Edited by Deepshikha Bhardwaj

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