Bank of India seeks $3.2 billion in foreign currency inflows
Business
Bank of India (BoI) is aiming to raise $3.2 billion by attracting foreign currency deposits from nonresidents and borrowing abroad, a move that fits with the Reserve Bank of India's push to boost dollar inflows.
The bank has already brought in $200 million through a special deposit window, according to Managing Director Rajneesh Karnatak.
BoI net profit rises 36% YoY
BoI plans to add another $1 billion through this deposit scheme, and borrow $2 billion more from overseas markets.
Karnatak says this approach should help the bank save on costs compared to regular bulk deposits.
On top of that, BoI just posted strong results: net profit jumped 36% year over year last quarter, with solid growth in both lending and deposits.