ICICI Bank and HSBC emerged as the primary lenders to the Indian diaspora through GIFT City’s foreign-exchange swap program. The two banks disbursed a combined $19.3 billion through the Reserve Bank of India’s concessional facility. This facility concluded at the end of August.
Brokerage firm Motilal Oswal reiterated a positive outlook on the banking sector and named ICICI Bank a top pick. The firm reported that systemic credit growth is currently near a decade high. Motilal Oswal expects this credit momentum to continue, reinforcing ICICI Bank’s market position.