Indian Bank MD and CEO Binod Kumar
Chennai: Public sector lender Indian Bank is targeting to raise $1 billion through External Commercial Borrowings (ECBs) by Dec-end under the RBI’s concessional swap window. This comes close on the heels of the state-owned lender mobilising FCNR(B) deposits worth Rs 22,486 crore (about $2.4 bn) and raising Rs 3,806 crore (about $393 mn) through Overseas Foreign Currency Borrowings (OFCBs). On Thursday, the bank’s board approved raising long-term infrastructure bonds aggregating up to Rs 5,000 crore in one or more tranches during the current or subsequent financial years to finance or refinance infrastructure and affordable housing projects. It also approved raising up to Rs 2,000 crore in additional Tier 1 (AT1) and Tier 2 capital through the issuance of Basel III-compliant bonds during the current or subsequent financial years. Indian Bank MD and CEO Binod Kumar said the bank had already raised $400 mn-$500 mn through ECBs. By the end of Dec, we can raise $1 billion through ECBs. The bank has reported a 15% year-on-year growth in net profit to Rs 3,462 crore in Q2 of FY27, up from Rs 3,018 crore in the year-ago period.
“We are getting some good rates, and good opportunities are also emerging. The ECBs are sourced mainly through GIFT City and the bank’s international branch in Singapore. You Can Also Check: Gold Rate in Chennai | Silver Rate in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Chennai AQI | Weather in Chennai | Petrol Price in Chennai | Diesel Price in Chennai | CNG Price in Chennai | LPG Price in Chennai
This will be the highest ECB mobilisation for our bank,” he told TOI on Thursday.