Banks favour India over US, UK for forex lending deals

India accounted for the largest share at 36.6 per cent of international assets of banks operating in India as on September 2003, followed by the US at 28.6 per cent, the UK at 7.7 per cent and Singapore at 3.7 per cent.

This reflects a distinct shift in holding pattern of international assets with the US accounting for the largest share at 35.1 per cent, followed by India at 21.8 per cent, as on end-September 2002. The UK market accounted for a 13.1 per cent share with the Singapore market accounting for 4.9 per cent in the same period.

The Reserve Bank of India (RBI) has released the data in its March 2004 bulletin. The International Statistics Data received from banks are in line with the reporting system of the Bank For International Settlements (BIS).

International assets reflect the foreign currency loans, balances in Nostro accounts, outstanding export bills drawn on non-residents by residents, holding of debt securities and other assets.