Indian banks collect $36.7B via RBI FCNR scheme since June
Business
Indian banks just pulled in $36.7 billion from nonresident Indians (NRIs) through the RBI's FCNR deposit scheme, which kicked off in June.
The deal? NRIs get a potential return up to 14%, while the RBI takes care of currency risks, making it a pretty attractive option for those living abroad.
Public sector banks set collection targets
Public sector banks like Union Bank have set collection targets, and experts like UBS's Tanvee Gupta Jain say the RBI's measures brought in $32 billion within just 45 days.