Forex

Forex schemes: BoB, BoI target over $6bn mop-up

The Times of India July 25, 2026

Forex schemes: BoB, BoI target over $6bn mop-up - The Times of

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schemes: BoB, BoI target over $6bn mop-upForex schemes: BoB, BoI target over $6bn mop-upTNN / Jul 25, 2026, 07:52

ISTCommentsShareAA+Text SizeSmallMediumLarge Bank of Baroda and Bank of India are aiming to raise over $6 billion in

foreign capital MUMBAI: Bank of Baroda and Bank of India, the two largest public sector banks in terms of overseas

branches, are aiming to raise over $6 billion in foreign capital through schemes where RBI undertakes to cover forex

risk through a dollar swap.Bank of Baroda is targeting $4 billion to $5 billion through a combination of FCNR(B)

deposits, medium-term notes in foreign currency, and overseas foreign currency bonds. "We have already raised over

$700 million through FCNR(B) deposits and should cross $1 billion by the end of the month," said Debadatta Chand,

MD and CEO, Bank of Baroda.Bank of India MD and CEO Rajneesh Karnatak said that the bank has raised $200 million through

deposits and aims to mobilise $1.2 billion by the time the scheme closes at end-Sept. He said that the bank would offer

leverage up to nine times the initial deposits placed by the customer. "We will be doing this on our own as we have

significant foreign operations".Karnatak said that while the bank would offer returns as high as 6.5% on these

international deposits to compete with other alternatives available to NRI, the funds would still be margin accretive as

they would be 50 basis points to 60 basis points lower than the cost of bulk deposits.RBI said that banks have raised

over $17 billion until this week through FCNR(B) deposits. Among other public sector banks, Punjab National Bank said

that it could raise around $2.5 billion of FCNR(B) deposits, while Union Bank of India expects to mobilise up to $2.0

billion. Central Bank of India has set a $400 million target.Get the latest Business News and Live updates. Download the

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