Economic TimesLean R·
SBI, HDFC Bank seek $1.7 billion overseas to boost dollar resources
State Bank of India and HDFC Bank are raising significant dollar funds. These large Indian banks are borrowing from foreign institutions to boost reserves. The banks aim to leverage the Reserve Bank of India's special dollar attraction facility. This move allows them to attract overseas client deposits without hedging costs. Both institutions are actively participating in the international dollar funding market.
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