RBL Bank raises ₹32,472cr via FCNR(B) swap with Emirates NBD
Business
RBL Bank just raised a massive $3.4 billion (about ₹32,472 crore) through RBI's special FCNR(B) swap facility, which runs until August 2026.
Emirates NBD, the bank's promoter, supported the mobilization through its subsidiaries and affiliates, leveraging the strong UAE-India corridor.
USD-INR swap facility mobilises $136.377bn
The broader USD-INR swap facility has been a huge hit, pulling in $136.377 billion so far.
ICICI Bank also jumped on board, reporting gross mobilization of around $17.88 billion under the facility and issuing standby letters of credit worth $3.63 billion under this scheme.
With attractive interest rates and government support, banks are making global money work for India's growth.