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Informist, Monday, Aug. 17, 2026

 

--Bank of Maharashtra source: Plan to raise $1.5 bln via FCNR(B) deposits

--Bank of Maharashtra source: Plan to raise $500 mln via offshore FX loans

--Bank of Maharashtra source: Aim to raise $500-mln offshore FX loans in Q2

 

By Priyasmita Dutta 

 

NEW DELHI - Bank of Maharashtra plans to raise around $1.5 billion via the swap facility for foreign currency non-resident (banks) deposits announced by the Reserve Bank of India, a senior official said. "We are seeing steady inflows and we are hoping to see up to $1.5 billion via FCNR(B) window," the official told Informist Monday.

 

The RBI had in June announced a host of measures to attract foreign capital. Among them was a facility to cover the full hedging costs for banks raising fresh three- to five-year FCNR(B) deposits. The swap facility, which came into effect on Jun. 8, was supposed to be open till Oct. 16 for deposits mobilised between Jun. 8 and Sept. 30. The central bank Friday curtailed the window to Aug. 31.

 

The RBI's measures to boost foreign capital inflows have attracted a total of $56.85 billion from Jun. 8 till Thursday, the central bank said last week, based on data from authorised dealer banks, which include foreign banks. Of this, inflows through FCNR(B) deposits amount to $52.30 billion.

 

The RBI had also announced swap facilities for the external commercial borrowings of public-sector undertakings and offshore foreign currency borrowings of banks, offering a concessional rate of 1.5% per annum, till Dec. 31. According to the Bank of Maharashtra official, the state-owned lender is planning to raise around $500 million under the overseas loan window. "We are firming up our plan," the official said. "We will try to do the fundraising in September quarter itself." 

 

As per the RBI data, banks have raised $2.81 billion through overseas foreign currency borrowings from Jun. 8 till Thursday.

 

For the June quarter, Bank of Maharashtra had reported a net profit of INR 20.2 billion on a total income of INR 90.6 billion. Monday, its shares ended at INR 80.1 apiece on the National Stock Exchange, up 1.2% from Friday.  End

 

US$1 = INR 95.60

 

Edited by Shubhayan Bhattacharya

 

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