New Delhi, Oct. 27 -- Veteran banker Uday Kotak has warned that India must prepare to repay $160-170 billion over the next three to five years as foreign currency non-resident (bank), or FCNR(B), deposits mature. He said the inflows have provided temporary relief to the country but have not resolved its underlying macroeconomic challenges.

Speaking at the Business Standard BFSI Insight Summit in Mumbai, Kotak described the arrangement as a "strong insurance policy" against global economic and geopolitical uncertainty. He credited the Reserve Bank of India (RBI) and the government with taking timely steps to strengthen India's foreign currency reserves, but stressed that policymakers, banks and businesses must use the available time to pr...