The drive to raise money from the diaspora revived a playbook last used by lenders during the 2013 taper tantrum, when India garnered about $34 billion to stem the rupee's decline.
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The drive to raise money from the diaspora revived a playbook last used by lenders during the 2013 taper tantrum, when India garnered about $34 billion to stem the rupee's decline.
Industry officials expect further diversification over the next few years, with payment companies likely to deepen their presence in secured and unsecured lending, wealth management, insurance distribution and merchant financial services.
The RBI is understood to have sought details of cash inventories at bank branches to determine whether lenders are maintaining adequate cash to replenish ATMs in a timely manner.
Several banks have tightened redemption benefits and raised eligibility thresholds for premium perks such as airport lounge access.
Naveen Tahilyani also submitted his resignation as non-executive director of ICICI Life Insurance with effect from Monday.
The last date for application is July 8, and the bank expects to complete the entire process by December.
Utkarsh Small Finance Bank's CASA deposits rose 15%, while retail term deposits increased 14.7% and total disbursements jumped 48.5% in Q1.
This implies that the UK-based firm will nowabstain from voting on any matters of ICICI Prudential Life Insurance requiring special resolution.
Strong loan growth outpaces deposit expansion in the June quarter, reflecting sustained credit demand.
Banks have mobilised an estimated $3-4 billion so far, with lenders expecting inflows to pick up from mid-July as awareness among overseas Indians increases.