Axis Bank has increased FCNR(B) deposit rates by up to 305 basis points, joining several lenders seeking to attract foreign currency inflows under the RBI's special swap facility
Major lenders have increased FCNR(B) deposit rates after the RBI offered to absorb hedging costs, a move aimed at attracting foreign currency inflows from NRIs
NRI deposits in Indian banks grew 9.9% in FY25 with FCNR(B), NRE and NRO deposits all rising; total outstanding touched $164.7 billion by March-end, RBI data showed
