Indian banks have lowered interest rates on foreign-currency deposits significantly. This action follows the closure of the Reserve Bank of India’s special swap window. Banks offered unusually high rates to attract overseas funds during the ten-week period. This special facility enabled lenders to provide substantially higher returns to depositors. The strong inflows prompted the RBI to advance the closure of this window.
ICICI Bank closes in on HDFC Bank for Nifty’s top spot as share trends diverge
As ICICI Bank approaches HDFC Bank’s Nifty index dominance, the dynamics of the market are changing. HDFC Bank’s index weight has dropped considerably this year,