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Cover in Dubai, dollars in India, foreign banks are ready to play

Overseas banks are finding a clever way to tap India's dollar demand without exceeding exposure limits. They're asking Indian banks to issue guarantees, known as SBLCs, from their Singapore or UAE branches instead of India. This allows foreign lenders to offer substantial loans to NRIs for FCNR deposits, boosting inflows while shifting country risk away from India. Arrangements are expected to finalize soon.

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Economic TimesLean R·6h ago
Cover in Dubai, dollars in India, foreign banks are ready to play
Overseas banks are finding a clever way to tap India's dollar demand without exceeding exposure limits. They're asking Indian banks to issue guarantees, known as SBLCs, from their Singapore or UAE branches instead of India. This allows foreign lenders to offer substantial loans to NRIs for FCNR deposits, boosting inflows while shifting country risk away from India. Arrangements are expected to finalize soon.
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Cover in Dubai, dollars in India, foreign banks are ready to play

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Cover in Dubai, dollars in India, foreign banks are ready to play

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