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FM Sitharaman to meet PSB chiefs to review foreign currency deposit drive

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

Mobilisation test: Foreign banks' leverage key to FCNR (B) inflows

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 bet on Gulf, Singapore and Hong Kong to drive FCNR (B) flows

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 clears governance hurdle for chief executive officer renewal

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

Banks may use NRI deposits to ease funding pressures: Axis Bank CEO

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

Share of non-household investors in deposits rise to 26.3% in FY26

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

How NRIs should navigate changes in tax status when returning to India

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

SBI raises its FCNR (B) game with 9x leverage play under RBI scheme

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

Datanomics: FCNR (B) share in NRI deposits halves over the past decade

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

PNB, Bandhan, other banks raise interest rates on FCNR (B) deposits

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 told to report daily FCNR (B), ECB inflows under RBI swap facility

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

RBI move to remove FCNR(B) deposit rate cap opens room for further hikes

Banks, especially smaller lenders, may raise FCNR(B) deposit rates further after RBI temporarily removed the interest-rate ceiling on select maturities

RBI lifts cap on FCNR(B), NRE deposit rates to boost foreign inflows

The central bank has temporarily withdrawn interest rate ceilings on select FCNR(B) and NRE deposits, giving banks greater flexibility to attract NRI funds

Bank of Baroda raises FCNR (B) deposit rates by up to 50 bps within a week

The state-owned lender has increased rates across key maturity buckets, offering a peak return of 6.25 per cent on five-year FCNR(B) deposits

Banks seek out wealthy Indian diaspora in $50 billion deposit drive

Indian banks are targeting overseas nationals with high-yield dollar deposits to attract over $50 billion and bolster forex reserves amid rupee pressure

RBI's FCNR(B) scheme may help NRIs earn up to 27 per cent returns

Brokerages estimate leveraged FCNR(B) deposits could generate annual returns of up to 27 per cent for NRIs while helping banks attract $30-60 billion in fresh foreign currency inflows

ICICI, Axis, BoB raise FCNR(B) deposit rates to 6% after RBI move

Lenders are raising FCNR(B) deposit rates following the RBI's special swap window, with some private banks offering rates above 6 per cent to attract NRI inflows

Dollar draw: Domestic banks raise their FCNR (B) deposit rates sharply

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

Flows in NRI deposits drop 26.6% to $9.2 bn in April-November 2025: RBI

Inflows into NRI deposit schemes declined sharply during April-November 2025, dragged down by a steep fall in FCNR(B) deposits, even as NRE and NRO accounts recorded modest growth, RBI data showed

NRI deposit inflows dip to $8.3 billion in April-October, shows RBI data

NRI deposit inflows moderated to $8.3 billion in April-October FY26, mainly due to a sharp drop in FCNR (B) inflows, even as NRE deposits recorded higher inflows, RBI data showed