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RBI's FCNR(B) Scheme Sees Strong Response; India Could Receive Up to $85 Billion in Forex Inflows
The RBI's FCNR (B) scheme is receiving a better response than expected. According to SBI Research, foreign exchange worth $80-85 billion (approximately Rs 7.1 lakh crore) is expected to flow into India under the scheme. The amount raised in just 45 days has broken the 2013 record.
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.
