IDBI Bank to raise $1 bn in 12-15 months

Public sector IDBI Bank plans to raise $one 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 $one billion in 12 to 15 months," chairman and managing director of IDBI Bank R M Malla said.

Malla said that from September one, the bank had waived all charges related to current and savings account.

He said following this move, it was expected that the CASA (current and savings account) deposits would increase from 15 per cent to 20 per cent.

To a query, he said that the bank Is eyeing at a business and deposit growth of 20 per during the current fiscal.

Last year, the bank's business stood at Rs 3.05 lakh crore.

Malla said that by the end of the current fiscal, IDBI Bank would merge its 100 per cent subsidiary IDBI Home Finance.

The bank is also in the process of setting up representative offices in Singapore and China.