India raises $72.8 bn via FCNR deposits, other borrowings: RBI

Indian banks have raised $72.8 billion through overseas borrowings, including funds from non-resident Indians, to strengthen inflows, the RBI said. Of this, $65.4 billion came through Foreign Currency Non-Resident (FCNR) deposits, while $7.45 billion was raised via other foreign-currency borrowings. RBI has allowed banks to use overseas funds for lending to NRIs and subsidised fundraising efforts.