Major Indian lenders, including the State Bank of India (SBI), ICICI Bank, and HDFC Bank, launched aggressive interest rate hikes on Foreign Currency Non-Resident (FCNR (B)) deposits this week. The move, initiated across the banking sector on June 10 and 11, targets an influx of foreign currency from Non-Resident Indians (NRIs) to bolster domestic liquidity….
Indian banks are raising FCNR deposit rates for NRIs, leveraging new RBI policies to attract significant foreign currency capital.
Major Indian lenders, including the State Bank of India (SBI) and ICICI Bank, launched aggressive new Foreign Currency Non-Resident (FCNR (B)) deposit schemes on Thursday, offering significantly higher interest rates to attract capital from Non-Resident Indians (NRIs). The move follows a strategic decision by the Reserve Bank of India (RBI) to open a foreign currency…