Indian banks are racing to raise funds before the Reserve Bank of India's early closure of its foreign currency non-resident bank deposit scheme, with ICICI Bank, Kotak Mahindra Bank and IDFC First Bank tapping the offshore market since the RBI announced the closure.

Indian banks are racing to raise funds before the Reserve Bank of India's early closure of its foreign currency non-resident bank deposit scheme, with ICICI Bank, Kotak Mahindra Bank and IDFC First Bank tapping the offshore market since the RBI announced the closure.

Indian banks are rushing to raise funds before the RBI closes the FCNR(B) scheme early, leading to deployment challenges and potential negative carry for some lenders. ...

The RBI announced early closure of the FCNR(B) deposit swap facility, prompting Indian banks including ICICI Bank, Kotak Mahindra Bank, and IDFC First Bank to raise funds in the offshore market before the window closes.