Reserve Bank of India drives $43 billion overseas by 2026
Business
Indian banks are on a mission to raise up to $43 billion from overseas by 2026, mainly by attracting nonresident Indians (NRIs).
The Reserve Bank of India is driving this move to bring in more foreign cash, and it is already working: Indian banks have secured $12.7 billion so far this year through offshore loans.
Banks offer over 7% diaspora rates
To get more people on board, banks are offering more than 7% interest on diaspora deposits, a pretty solid deal.
Some banks even let you borrow up to 19 times what you deposit.
Big global players like Citi and HSBC are helping out too, arranging loans and bonds behind the scenes.