Bank of India Targets $3.2 Billion in Fundraising via FCNR-B Deposits and Overseas Borrowings

Summary

Bank of India plans to raise $1.2 billion through FCNR-B deposits and an additional $2 billion via overseas borrowings to reduce its reliance on costly bulk deposits. The bank has already secured $200 million through the FCNR-B window and reported a 36% jump in first-quarter net profit to Rs 3,068 crore, with advances growing 18.6% and deposits increasing 14.9%.