FCNR (B), the plan floated by RBI for generating foreign exchange, has been a successful one. According to an SBI Research report, as much as $80-85 billion (approximately Rs 7.1 lakh crore) is expected to flow into India under this scheme.

The report reveals that banks have managed to collect substantial amount of funds through this scheme within just 45 days, surpassing the three month record in 2013. The plan will continue till September 30. SBI Research has increased its earlier prediction of FCNR (B) scheme to $40-45 billion.

Further, the report reveals that FCNR deposits alone may generate $65-70 billion till the closure of the scheme. Besides, many matured deposits due in August and September 2026 are expected to be renewed under the scheme on account of high interest rate levels.

According to data as of July 17, public sector banks have contributed the most to total inflows so far. This includes $1.34 billion from external commercial borrowings (ECBs) and $1.97 billion from foreign currency loans.

RBI Governor Sanjay Malhotra stated that $32 billion has come to India so far under the schemes announced in June to attract foreign funds. Following tax exemptions, foreign investors have invested approximately $7 billion in debt securities.

FCNR (B), the plan floated by RBI for generating foreign exchange, has been a successful one. According to an SBI Research report, as much as $80-85 billion (approximately Rs 7.1 lakh crore) is expected to flow into India under this scheme.

The report reveals that banks have managed to collect substantial amount of funds through this scheme within just 45 days, surpassing the three month record in 2013. The plan will continue till September 30. SBI Research has increased its earlier prediction of FCNR (B) scheme to $40-45 billion.

Further, the report reveals that FCNR deposits alone may generate $65-70 billion till the closure of the scheme. Besides, many matured deposits due in August and September 2026 are expected to be renewed under the scheme on account of high interest rate levels.

According to data as of July 17, public sector banks have contributed the most to total inflows so far. This includes $1.34 billion from external commercial borrowings (ECBs) and $1.97 billion from foreign currency loans.

RBI Governor Sanjay Malhotra stated that $32 billion has come to India so far under the schemes announced in June to attract foreign funds. Following tax exemptions, foreign investors have invested approximately $7 billion in debt securities.