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Bringing in US dollars: RBI flags off FCNR(B) chase, pushes banks to go all out for forex inflows
In an ambitious bid to enhance India's foreign currency reserves, the Reserve Bank of India is urging banks to ramp up their efforts in attracting foreign currency non-resident deposits (FCNR(B)). By rolling out a series of enticing incentives for these deposits, the central bank aims to bolster dollar inflows, which will ultimately fortify the stability of the Indian rupee.
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economictimes.indiatimes.com
Banks raise NRI deposit rates to draw dollar inflows - The Economic Times
Indian banks are offering higher interest rates on foreign currency deposits. This move aims to attract money from overseas residents. The Reserve Bank of India has introduced new…
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thehindubusinessline.com
Banks hike FCNR(B) deposit rates to attract NRI funds after RBI forex swap move
ICICI, SBI and other banks hike FCNR(B) deposit rates to attract NRI funds after RBI’s forex swap move cuts currency hedging costs.
