First Abu Dhabi Bank (FAB) is offering up to $1.5 billion in funding to non-resident Indians participating in their home country's foreign-currency deposit program, according to people familiar with the matter.
The move marks a significant entry by the UAE's largest bank into the competitive market for overseas Indian capital.
5 billion in foreign-currency deposits under a similar special facility launched last month for overseas citizens.
The initiative comes as Indian banks aggressively seek stable foreign-currency funding to support lending and manage balance sheets.
State Bank of India, the country's largest lender, has already attracted more than $1.5 billion in foreign-currency deposits under a similar special facility launched last month for overseas citizens.
The rapid uptake suggests strong demand from the diaspora for higher-yielding, stable-currency instruments.
For FAB, the program represents a strategic diversification of its funding base.