Overseas Indians park over$17 billion in FCNR deposits
Mumbai, July 21 -- Non-resident Indians (NRIs) have poured $17.41 billion into Indian banks through foreign currency non-resident (FCNR) deposits under a new deposit incentive scheme, recording a promising start to the campaign to attract dollars and boost the rupee. Announced on 5 June and rolled out three days later, the scheme allows NRIs to make leveraged deposits and runs till the end of September, with the central bank taking the hedging risk, offering overseas investors the potential to earn up to 14% return on their money.
The Reserve Bank of India (RBI) on Monday said its dollar swap facility received a total of $20.72 billion till 17 July, with FCNR-B deposits accounting for the lion's share. Apart from FCNR(B) deposits, the swap ...
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