More Stories

Informist, Friday, Sept. 11, 2026

 

By Kabir Sharma

 

MUMBAI – Bank of India raised $2.4 billion under the Reserve Bank of India's special swap facility between Jun. 8 and Aug. 31, Executive Director Pramod Kumar Dwibedi said. Under the facility, the central bank is absorbing the entire hedging cost for three- to five-year FCNR (B) deposits through a concessional swap window.

 

"We are going to use the funds to retire some high-cost loans and give fresh credit at better cost," Dwibedi said. On the issue of abnormal lending, Dwibedi said funds received under the FCNR (B) scheme would lead to higher lending, but it would not be abrupt or abnormal.  

 

According to recent data from the RBI, total FCNR (B) deposits mobilised between Jun. 8 and Aug. 31 under the special swap window were $127.23 billion, of which a whopping $54.38 billion was received in the scheme's final 10 days. Bank of Baroda mobilised around 6% of the total FCNR (B) deposits under the special swap facility.

 

For the June quarter, the bank had reported a net profit of INR 30.68 billion on total income of INR 225.28 billion. At 1028 IST, Bank of India's shares were down 1.3% at INR 139.16 on the National Stock Exchange.  End

 

US$1 = INR 95.73

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

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.