Reserve Bank of India pulls $20.72 billion into FCNR deposits
The Reserve Bank of India's latest move to attract foreign money is off to a strong start.
Since launching in early June, the scheme has already pulled in $20.72 billion, most of it from Indians living abroad, putting their savings into special FCNR deposits.
This comes at a crucial time, giving India's finances a solid cushion as oil prices keep bouncing around.
Experts call inflows impressive
Experts are calling the results impressive, especially since this beats a similar RBI effort from 2013 by a wide margin.
Nomura analysts noted that these inflows show raising deposits isn't as tough as some feared, even with high US interest rates.
If things keep up, Bank of America says total inflows could hit $80 billion, helping the RBI manage the rupee and keep reserves healthy this year.