View gets brighter at FCNR(B) window
Synopsis The optimism follows RBI's disclosure that banks have collectively garnered $20.7 billion under its special incentive window, a pace that has already eased earlier
Synopsis The optimism follows RBI's disclosure that banks have collectively garnered $20.7 billion under its special incentive window, a pace that has already eased earlier concerns the scheme was struggling for traction. Of the total, FCNR(B) deposits accounted for the largest share at $17.4 billion, mobilised within six weeks of the scheme becoming operational. This was followed by overseas foreign currency borrowings (OFCBs) at $2 billion and external commercial borrowings (ECBs) at $1.3 billion.
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