HSBC and ICICI Bank Lend $19.3 Billion to Indian Diaspora
HSBC and ICICI Bank disbursed $19.3 billion to India's diaspora through a foreign-exchange swap program in GIFT City between June and August.
HSBC Holdings Plc and ICICI Bank Ltd. have emerged as the largest lenders to the Indian diaspora, disbursing a combined $19.3 billion between June and the end of August. The loans were facilitated through a concessional foreign-exchange swap facility for non-resident deposits in foreign currency.
These transactions took place within the Gujarat International Finance Tec-City, known as GIFT City. Data provided by the International Financial Services Centres Authority confirms the scale of the disbursements and indicates that the financial hub is increasingly effective at channeling global capital into India.
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