RBI revises foreign currency deposit inflows under FCNR(B) upward to USD 133 bn
RBI is in focus with August 31 in focus.
· Business Standard Mkts
The Reserve Bank on Monday upwardly revised the collections under the special Foreign Currency Non-Resident (FCNR-B) deposit scheme to USD 133 billion till August 31, the closing date, which was advanced by a month following a robust response from the Indian diaspora. According to the provisional data released on September 2, the mobilisation by banks under FCNR (B) stood at USD 127.226 billion.
Key facts
- Dates in focus
- August 31, September 2 and June 8
Why it matters
- With RBI involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- Sector exposure: Banks.
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