Topic
nri
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.
Finance India Offers Up to 9% Leverage on NRI Deposits, Guarantees Returns Over 7.1% to Bolster Forex Inflows
The Reserve Bank of India has authorized banks to extend loans against foreign-currency deposits from non-resident Indians, with leverage of up to 9 times and guaranteed returns of over 7.1%. The initiative aims to boost forex inflows and strengthen currency buffers, with potential inflows exceeding $80 billion. The move mirrors a 2013 taper tantrum strategy and complements other measures to support the rupee.