Bank of India has mobilised $2.2 billion (around Rs 20,000 crore) through FCNR(B) deposits under the Reserve Bank of India’s foreign-exchange swap facility.

The bank plans to raise another $1 billion through external commercial borrowings (ECBs) and $1 billion via an MTN (medium term note) programme by 31 December. While the RBI ended the concessional swap facility for FCNR(B) deposits on 31 August, the deadline for ECBs and overseas foreign currency borrowings (OFCBs) is 31 December. 

The foreign currency non-resident (Bank), or FCNR(B), deposits will take care of the bank’s lending needs for a quarter. It will also be used to replace the lender’s costlier bulk deposits.

The state-owned bank, however, is not revising its earlier full-fiscal credit growth guidance of 15-16%, despite the liquidity boost due to FCNR(B) deposits.  The deposit growth guidance also stays at 13-14%.

The lender will wait for the September quarter financial results before making change in the guidance numbers.

Bank of India managing director and CEO Rajnesh Karnatak told analysts in the fiscal first-quarter post-earnings call that the bank has a corporate pipeline of Rs 70,000 crore, including domestic and international. The demand is across infrastructure, industry, renewable energy, electric vehicles, data centres, steel and petrochemicals.