Nikhil Gupta, India Economist at CLSA, expects the FCNR deposit scheme and ECB-related steps taken by the Reserve Bank of India (RBI) to bring in $30-50 billion, significantly improving India's balance of payments position.

Jefferies estimates Non-Resident Indians could achieve 17–27% annual returns by leveraging FCNR(B) deposits, but SBI cautions about the diminished India-US interest rate gap.

The RBI introduced a US Dollar-Rupee Forex Swap Facility on May 8 for newly raised FCNR(B) deposits by banks, allowing banks to offer higher rates to NRIs by covering currency risk.

Jefferies projects 17–27% annual returns for NRIs leveraging FCNR(B) deposits, though SBI cautions that the reduced India-US interest rate gap will constrain leverage benefits despite new RBI forex swap support and elevated bank rates.

Jefferies suggests NRIs could see 17–27% annual returns by leveraging FCNR(B) deposits, but SBI warns that a narrowed India-US interest rate gap will limit these benefits.

Nikhil Gupta, India Economist at CLSA, expects the FCNR deposit scheme and ECB-related steps to bring in $30-50 billion, significantly improving India's balance of payments position.

Nikhil Gupta, India Economist at CLSA, expects the FCNR deposit scheme and ECB-related steps to bring in $30-50 billion, significantly improving India's balance of payments position.

Competition among banks to attract foreign currency deposits from Non-Resident Indians (NRIs) has intensified after the Reserve Bank of India (RBI) announced a special dispensation aimed at boosting US dollar inflows.

Competition among banks to attract foreign currency deposits from Non-Resident Indians (NRIs) has intensified after the Reserve Bank of India (RBI) announced a special dispensation aimed at boosting US dollar inflows.