Economy · India
Banks See Surge in NRI Deposits via RBI's FCNR(B) Swap Window
India's FCNR(B) deposit window, introduced by the Reserve Bank of India (RBI), has led to an 86% increase in Non-Resident Indian (NRI) dollar deposits within two months. HSBC has attracted the largest share, with $6.1 billion, followed by SBI at $4.1 billion and ICICI Bank. Public sector banks collectively received $8.8 billion, private sector banks $10.7 billion, and foreign banks $8.4 billion under this incentive scheme. The total flows under the window have reached significant figures, with HSBC, SBI, and ICICI Bank securing a substantial portion.
How outlets across the spectrum covered it
Left 0 · Centre 4 · Right 0 n = 4
- Centre (4): Business Standard, Mint, The Indian Express, The Tribune