Indian Banks continue to raise funds

Following the relaxation of the offshore borrowing rules the Indian fundraising door swings even further open.

Bankers have predicted that the removal of the offshore borrowing regulations is likely to result in an increase in Indian borrowing. This should allow India to build on its impressive performance last year when over $2.8 billion was raised - some $1.2 billion more than in 2002.

While analysts believe the bond market will be the main beneficiary of this move, there is no doubt loan bankers will also be looking to up the ante in 2004. Even before these revelations, there was a buzz around the market with many credits champing at the bit to get in on the action.

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