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Economics3h 5m ago
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.
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Mumbai (Maharashtra), India
Who
banks, RBI, Non-Resident Indians (NRIs)
What
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.
When
Fri, 12 Jun 2026 05:43:09 GMT · 3h 5m ago
Where
Mumbai (Maharashtra), India ·
Why
The Reserve Bank of India (RBI) announced a special dispensation aimed at boosting US dollar inflows.
The Frontline Impact
How this affects you
Banks are sharply raising interest rates on Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits to attract Non-Resident Indian dollar deposits and generate substantial foreign currency inflows, potentially attracting up to USD 70 billion.
Story chain
5 events in this thread- Economics1h 41m agoNikhil 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.Open article
- Economics1h 41m agoNikhil 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.Open article
- Economics1h 41m agoNikhil 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.Open article
- Economics3h 5m agoCompetition 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.Open article
- Currently Reading3h 5m agoCompetition 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.