Indian banks are attracting foreign currency deposits at a brisk pace. Indian Bank and Central Bank of India have garnered substantial foreign currency deposits. The Reserve Bank of India’s special measures have brought in significant foreign exchange inflows. These measures are largely driven by FCNR(B) deposits, exceeding previous years’ collections. Banks can swap these deposits with the RBI under a zero-cost hedging facility.
Bank deposits hit decade-high growth as NRI dollar inflows cross $37 billion
Bank deposits saw their fastest growth in nearly ten years by July. Overseas Indians deposited about $37 billion in foreign currency accounts. Bank credit growth
August 13, 2026