FCNR

Cost is unlikely to have constrained RBI's decision to close the swap window early; reserves could rise to $800 billion over five years, the report said

State-owned lender Central Bank of India has mobilised USD 250 million under the FCNR-B window introduced by the Reserve Bank of India (RBI), a senior bank official said on Wednesday. Central Bank of India has surpassed the USD 100 million target set for July, garnering USD 250 million. "We have surpassed the July target set internally, and mobilised USD 250 million under FCNR - B," Kalyan Kumar, Managing Director and Chief Executive Officer of Central Bank of India, said on the sidelines of the annual FIBAC event here. He said that the Central Bank of India has raised funds through its GIFT City branch and has set a target of USD 400 million by September end, the closure date fixed by the RBI for the special swap window. During the post-June quarter earnings conference, Kumar had said that the Bank expects to accumulate a total of USD 400 million. A senior executive of the Bank had earlier said that it is looking to raise the deposits from the Middle East and Australian markets.

Banks sharply cut certificate of deposit issuances in July as strong FCNR(B) inflows under the RBI's swap scheme eased liquidity pressures and lowered funding costs

The private sector lender raised its dollar deposit rate by 25 basis points as banks compete for non-resident funds before the RBI's concessional swap window closes

Canara Bank expects to raise up to $2.5 billion through FCNR(B) deposits and overseas borrowings as it guides for stable margins and healthy credit growth

Most of the $32 billion raised so far has come from the foreign currency non-resident deposit scheme, Malhotra said

The RBI's package of measures aimed at ‌supporting the rupee attracted more than $20 bn as of July 17, with more than four-fifths coming from foreign currency non-resident deposits mobilised by banks

Seshadri said as the bank is not offering leverage, their proposition is attractive to smaller depositors and customers in geographies where leveraged products do not enjoy tax advantage

The RBI and UAE central bank are discussing regulatory hurdles as India seeks to attract more foreign-currency deposits from NRIs to strengthen forex reserves

Finance Minister Nirmala Sitharaman will meet the heads of public sector banks (PSBs) on Monday to review the progress of the foreign currency deposit mobilisation campaign being undertaken by the lenders. In a bid to attract foreign currency deposits by Non-Resident Indians, Overseas Citizens of India, and Persons of Indian Origin, the Reserve Bank of India last month withdrew, till September 30, interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity. The move came at a time when FCNR(B) deposit inflows weakened sharply, with net inflows dropping to just USD 946 million in FY26 from USD 7.1 billion in FY25. The Finance Minister will chair the meeting of chiefs of PSBs and financial institutions, including IDBI Bank, on mobilisation of FCNR(B) deposits, Overseas Foreign Currency Bonds and External Commercial Borrowings on July 13, sources said. Under the new arrangement, the RBI is offering a concessional foreign exchange swap facility

Foreign banks' India exposure limits may shape FCNR(B) inflows as Indian lenders tweak deposit rates and tenors to attract NRI funds under the RBI scheme

Banks expect the RBI's FCNR(B) deposit scheme to attract major inflows from the Gulf, Singapore and Hong Kong, with mobilisation expected to accelerate in August

HDFC Bank's legal review finds no evidence behind governance allegations, clearing path for leadership stability, chairman appointment and CEO term extension

Indian banks are taking advantage of a move this month by the Reserve Bank of India to absorb the hedging costs incurred by lenders that raise dollars overseas

India's bank deposits are shifting toward non-household funds, with rising term deposits and falling CASA share, while private banks steadily gain deposit share

As their status changes from NRI to RNOR and then to ROR, both their tax and disclosure obligations change

SBI rolled out a 9x leverage facility under RBI's FCNR(B) scheme as India's forex reserves fell sharply on lower gold valuations

FCNR(B) deposits have lost ground in NRI portfolios over the past decade, prompting the RBI to ease rate restrictions to attract fresh inflows

Private-sector lender increases FCNR(B) deposit rates following RBI's forex swap facility and temporary removal of the interest rate ceiling on eligible deposits

Banks have been asked to furnish daily details of FCNR(B) deposits, ECBs and OFCBs mobilised under the RBI's concessional swap facilities announced on June 8