RBI data shows banks mobilised $127.2 billion through FCNR(B) deposits
RBI data revealed banks mobilised $127.2 billion through FCNR(B) deposits, a programme India's central bank offered in June to stem the rupee's decline by incentivising the diaspora to bring foreign currency into the country. The response far exceeded expectations, and analysts expect the liquidity boost to drive credit growth and lower interest rates.
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#BankStocks rose after #RBI data revealed #banks mobilised $127.2 billion through #FCNR(B) deposits. Analysts expect this massive #liquidity boost to drive #creditgrowth and lower #interestrates Details by Aathira Varier 👇 https://t.co/JfrRGLX6pd
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To stem the rupee’s decline, India’s central bank in June offered the country’s vast diaspora an incentive to bring foreign currency into the country. The response far exceeded expectations https://t.co/DfxtlfSUh6