INDIANB.NSE

Indian Bank

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MUMBAI: Indian lenders are shelling out premiums for short-term funds last seen during the Covid-19 crisis, with sluggish deposit growth driving dependence on certificates of deposit (CDs) and pushing borrowings to a record high. Outstanding CDs skyrocketed to a record high of 6.64 trillion rupees ($71.04 billion) as of February 28, registering a staggering jump of 75% over the last two years. “Some banks have raised fixed deposit rates, but the credit growth is so strong that lenders have to rely on CDs, and some pressure should persist till the end of the year,” said Binod Kumar, Managing Director and CEO at Indian Bank. Banks use CDs to raise money from institutional investors at a market-determined rate, netting them a higher quantity offunds when compared to retail deposits, which are funds parked by individual customers. Indian Bank to launch over $500 million infrastructure debt issue next week, MD says The FBIL three-month CD benchmark rate jumped to 7.41%, while the three-month treasury bill yield stood at 5.31%.

MUMBAI: Indian Bank and National Bank for Financing Infrastructure and Development plan to raise a combined 80 billion rupees ($864.10 million) from the corporate bond market by March, two bankers with knowledge of the matter said on Wednesday. Indian Bank is set to raise 50 billion rupees through seven- or 10-year infrastructure bonds, while NaBFID plans to raise about 30 billion rupees through 10-year notes, the bankers said. “Both the entities are targeting to complete the fundraising as early as possible in the next week, and have already tied up with some investors,” one of the bankers said. The bankers requested anonymity as they are not authorized to speak to the media. Indian Bank and NaBFID did not reply to a Reuters email seeking comment. This would be the first time Indian Bank will tap the bond market in nearly 18 months. In October 2024, the lender had raised 50 billion rupees through 10-year infrastructure bonds at 7.12% coupon. READ MORE: India’s Axis Bank to invest $162 million in consumer lending arm The issuance follows a pickup in infrastructure bond fundraising, with Union Bank of India set to raise 75 billion rupees through 10-year bonds on Friday.

Lucknow: Indian Bank has contributed Rs 50 lakh under its Corporate Social Responsibility (CSR) initiative to KGMU to support robotic surgeries for ec.