Today General Knowledge(GK)
Which Bank has launched two new products – loan against deposits(LAD) and dollar bonds – for Non-Resident Indians(NRIs) at its GIFT City branch in Gujarat?
Axis Bank

Correct Answer : Option (D) - ICICI Bank

ICICI Bank has launched two new products – Loan Against Deposits (LAD) and Dollar Bonds – for NRI customers at its branch in GIFT City (Gujarat).

* With this, ICICI Bank has become the first bank to offer these products in GIFT City, which is an emerging global financial and IT services hub based in Gujarat.
* “We are offering Dollar Bonds and Loan against Deposits to our NRI customers through our branch at GIFT City. Foreign currency bonds are one of the preferred investment options amongst NRI clients.

* We want to provide our customers with the ease of banking digitally, driving a seamless journey and a hassle-free experience,” said Sriram H Iyer, Head of International Banking Group, ICICI Bank,
What is Loan against Deposits?
Loan against Deposits (LAD) is like a loan in foreign currency against a deposit in India (including Rupee NRE FDs). ICICI Bank said that customers can avail LAD for their short-term cash requirement without having to prematurely close their Term Deposits and thereby avoid paying a penalty for breaking the deposit.
What is Dollar Bond?
Dollar Bonds is an alternate investment option for NRIs, where they can book dollar bonds through ICICI Bank in GIFT City. ICICI Bank said it is offering a cohort of over 50 marquee issuers/companies for these bonds..

Source : Financial Express

Published On : November 23, 2022
Category : Banking