Bank of India’s USD 1.2 bn FCNR(B) mobilisation to replace up to Rs 13,000 crore ..

Bank of India plans to mobilize $1.2 billion through FCNR(B) deposits by September as part of its strategy to strengthen its funding base.

The move aims to reduce reliance on high-cost bulk deposits and improve the bank’s overall cost of funds. FCNR(B) deposits, sourced from NRIs in foreign currencies, provide a more stable and cost-effective funding option.

This initiative also aligns with the broader trend of banks tapping overseas and NRI deposits to enhance liquidity and financial stability.