PNB Raising $1 Billion via 5-Year Loan for FCNR On-Lending
Punjab National Bank (PNB) is planning to raise $1 billion through a five-year loan arrangement with international financiers. This capital will be utilized for the Foreign Currency Non-Resident (FCNR) on-lending program. The loan will benefit from the Reserve Bank of India’s special swap facility. PNB aims to leverage this dollar funding to attract overseas client deposits and target potential investors in the foreign exchange deposit program, reflecting a strategic move to boost dollar liquidity.
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