RBI nets $143.5 billion from FCNR(B) window and borrowings
Business
The Reserve Bank of India (RBI) just pulled in a massive $132.9 billion through its FCNR-B deposit window, which closed early thanks to strong interest.
With extra inflows from overseas and commercial borrowings, the total hit $143.5 billion, significantly above market estimates of at least $90 billion.
This gives the RBI more muscle to handle global financial pressures and support liquidity in the foreign-exchange market.
FCNR-B allows nonresident Indians currency deposits
The FCNR-B scheme lets nonresident Indians park their money in foreign currencies without worrying about the rupee's ups and downs, a big plus during uncertain times.
It's become a go-to way for India to attract overseas support and strengthen its economic safety net, especially when things get shaky globally.