Banks continue to garner FCNR deposits at a brisk pace

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.

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