Central Bank of India Mobilises $250 Million Under FCNR(B) Window State-owned Central Bank of India has mobilised $250 million under the Foreign Currency Non-Resident (Bank) or FCNR-B window introduced by the Reserve Bank of India (RBI), significantly exceeding its internal July target of $100 million. Central Bank of India Managing Director and CEO Kalyan Kumar said the funds were raised through the bank’s GIFT City branch. The lender is targeting total mobilisation of $400 million by the end of September, when the RBI’s special swap window is scheduled to close. Kumar said the bank has already surpassed its July target and remains focused on achieving the September goal. During the bank’s post-June quarter earnings conference, he had indicated that Central Bank of India expected to mobilise a total of $400 million through the facility. The FCNR-B window is part of the RBI’s measures to facilitate foreign currency funding for Indian banks. The strong mobilisation by Central Bank of India highlights the lender’s efforts to leverage the special facility and strengthen its foreign currency resources through its GIFT City operations.
Central Bank Raises $250 Million Under RBI’s Special FCNR-B Window
