Indian Bank targets $2B NRI deposits under temporary RBI rule
Business
Indian Bank is aiming to raise $2 billion by attracting foreign currency deposits from nonresident Indians, thanks to a new RBI rule that lets banks offer higher interest rates on three- to five-year deposits until September 30, 2026.
The bank has already pulled in $140 million since mid-June and plans to hit the full target by September.
Indian Bank $1B pipeline 6% deposits
MD and CEO Binod Kumar shared that Indian Bank now has a $1 billion pipeline lined up, way more than previous years.
To sweeten the deal for depositors, they've bumped up interest rates from 5.5% to 6%.
Plus, with profits up 10% this quarter (₹3,273 crore), it looks like their strategy is paying off.