New Delhi, July 11 (IANS) Overall deposits in India’s banking system jumped by around Rs 7 lakh crore for the fortnight ended June 30, 2026, marking the third‑highest fortnightly growth in 29 years, a new report has said.The report from State Bank of India (SBI) Research said the surge reflected buoyant capital flows aided by recent Reserve Bank of India and government measures.Further, commercial paper and bank credit have expanded indicating that economic activity has surprised on the upsi…
Latest Foreign Currency Non-Resident News & Updates
Mumbai, June 11 (IANS) India’s top financial banking services providers — State Bank of India (SBI), Bank of India (BoI), and Yes Bank — have sharply raised interest rates on Foreign Currency Non-Resident (Bank) or FCNR(B) deposits following the Reserve Bank of India’s recent measures to attract foreign currency inflows, with lenders now offering Non-Resident Indians (NRIs) returns of up to 6.6 per cent on US dollar deposits.The banks have revised their FCNR(B) deposit rates, a significant inc…
New Delhi, June 9 (IANS) The Reserve Bank of India’s recent measures to attract foreign capital are expected to bring in $55-65 billion in inflows during the current fiscal year, helping stabilise the rupee and pushing the country’s balance of payments (BoP) into surplus, according to a report by the State Bank of India (SBI).The SBI Economic Research Department’s latest Ecowrap report said the RBI’s initiatives announced in February and June 2026 represent a coordinated strategy to strengthen t…
New Delhi, June 8 (IANS) The Reserve Bank of India’s decision to reinvigorate Foreign Currency Non-Resident (Bank) or FCNR-B deposits could pave the way for fresh long-term foreign exchange inflows, according to a report.Jefferies, in its report, said that the renewed focus on FCNR-B deposits is aimed at mobilising funds from non-resident Indians for a tenure of 3–5 years, potentially opening a stable channel of forex inflows into the country’s banking system.It noted that the initiative d…