A significant amount of lending has occurred through a Reserve Bank of India program. Two banks, HSBC Holdings and ICICI Bank, have played a major role in this effort. They have provided a substantial amount of loans, totaling $19.3 billion, during a three-month period.
This development is related to foreign-currency deposits from non-residents. The program has attracted a large amount of these deposits, with one bank raising $2.2 billion.
Further information about this lending drive and its impact is available from the source, including details about the program's operation and the banks involved.
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