Fcnr Deposits
Latest news, explainers and analysis on Fcnr Deposits. Tracking 2 stories on Arth Vani.
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Latest on Fcnr Deposits
Indian Banks Attract ₹1.72 Lakh Crore in Foreign Funds Via RBI Swap Window
Indian banks have mobilized a significant ₹1.72 lakh crore ($20.72 billion) in foreign currency, primarily through a special swap facility offered by the Reserve Bank of India (RBI). This major inflow, largely from Foreign Currency Non-Resident (FCNR) Deposits, strengthens India's foreign exchange reserves and boosts its economic standing.
Banks Seek RBI Nod to Help NRIs Switch to Higher Interest Deposits
Indian banks are requesting the RBI to allow NRIs to break existing foreign currency deposits and re-invest them at higher interest rates without heavy penalties. This move follows a temporary RBI scheme to boost dollar inflows by absorbing currency hedging costs.
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