Positive impactCompany
Central Bank of India mobilises USD 8.4 million under FCNR(B), targets USD 400 million by September end
Economic Times 3d ago·17 Jul 2026, 3:48 pm
Central Bank of India has raised USD 8.4 million through a special window for foreign currency deposits, aiming to reach USD 400 million by the end of September. This move is driven by the bank's newly established International Banking Unit in Gujarat International Finance Tec-City (GIFT City). The IBU is designed to attract foreign capital by offering attractive interest rates on deposits denominated in foreign currencies.
This development is significant for investors as it signals the bank's strategy to diversify its funding sources beyond traditional domestic deposits. By tapping into global markets, the bank aims to strengthen its balance sheet and potentially lower its borrowing costs. For the broader market, it highlights the growing importance of GIFT City as a financial hub for attracting international capital to India.
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