Banks remain confident that FCNR-B deposit mobilisation will gather pace before the RBI's September 30 deadline despite a slow start. Lenders are strengthening overseas partnerships and outreach to NRIs, while analysts expect inflows to remain below earlier market expectations
Non-Resident Indians can potentially bring USD 70-80 billion into India through the ongoing FCNR initiative, according to experts. The scheme, supported by higher bank interest rates, aims to strengthen India's foreign exchange reserves and attract greater overseas investment before September 30, 2026
The RBI has temporarily relaxed interest rate restrictions on select FCNR(B) and NRE deposits, allowing banks to offer higher returns to non-resident Indians. The move aims to attract overseas funds, strengthen foreign exchange reserves and support the rupee
