Special FCNR Scheme Draws $17.41 Billion in NRI Deposits

Indian banks reportedly received $17.41 billion in non-resident deposits between June 8 and July 17 through the Reserve Bank of India’s special FCNR scheme. Higher interest rates and RBI support for hedging costs were cited as the main reasons for the strong response from overseas depositors. The reported total covers deposits collected during the specified period under the special scheme and reflects the scale of participation by non-resident customers.