Topic
fcnr
Finance Rupee falls 17 paise to 95.59 as RBI brings forward FCNR swap deadline
The Indian rupee weakened 17 paise to 95.59 against the US dollar in early trade after the Reserve Bank of India moved the FCNR (B) concessional swap facility cut-off to August 31 from September 30. The facility has attracted $56.84 billion as of August 13, while India's forex reserves rose $14.136 billion to $707.002 billion in the week ended August 7.
Finance RBI to Close FCNR(B) Scheme on Aug 31 After $52.3 Billion Raised
The RBI will close its special FCNR(B) deposit scheme on Aug 31 after banks raised $52.3 billion in deposits by Aug 13. Total inflows under the USD-INR swap facility, including OFCBs and ECBs, reached $56.9 billion. SBI mobilised roughly $7.3 billion under the programme.
Finance RBI removes priority sector burden for fresh FCNR(B) and NRE deposits
RBI has exempted advances against fresh FCNR(B) and NRE term deposits from priority sector lending calculations, effective immediately. The move completes a three-part policy push to boost foreign currency inflows and ease compliance burdens, with banks having raised over $36 billion in FCNR(B) deposits.
Finance PNB Targets $2.5 Billion via FCNR(B) Deposits, Raises $425 Million So Far
State-run Punjab National Bank targets $2.5 billion from Foreign Currency Non-Resident Bank deposits, having raised $425 million so far. MD Ashok Chandra cites major traction from the UK, Dubai and GIFT City. The bank also reported a three-fold jump in first-quarter profits, while monitoring monsoon risks to agriculture.
Finance Indian Bank targets $2 billion through FCNR deposits after RBI removes interest rate ceiling
Indian Bank plans to raise $2 billion through FCNR(B) deposits after the RBI removed the interest rate ceiling on fresh deposits with maturities of 3-5 years until September 30, 2026. The bank has secured $140 million since mid-June and raised the deposit rate to 6%. The move is expected to boost foreign currency inflows for the bank, which also reported a 10% rise in Q1 net profit to Rs 3,273 crore.