Banking #financial#banking
RBI Allows Overseas Branches to Lend to NRIs for FCNR(B) Deposits, Boosts Foreign Capital Inflows
The Reserve Bank of India has revamped the FCNR(B) scheme, allowing Indian banks to route money from overseas branches to non-resident Indians for deposits, while eliminating currency and credit risks via a swap window and standby letters of credit. The move is expected to boost NRI deposits with attractive fixed rates of 6-7% and leverage potential for double-digit returns.
Jun 24, 2026 1 source