IDBI Bank to raise $1 b

IDBI Bank plans to raise $1 billion in foreign currency in the next 12-15 months, a top official of the bank said.

“Recently we raised $350 million. There is a huge apetite for our papers. We intend to raise $1 billion in 12 to 15 months,” Chairman and Managing Director R. M. Malla said.

Mr. Malla said that from September 1, the bank had waived all charges related to current and savings account. Mr. Malla said by the end of the current fiscal, the bank would merge its 100 per cent subsidiary IDBI Home Finance.