Economic TimesLean R·
Bringing in US dollars: RBI flags off FCNR(B) chase, pushes banks to go all out for forex inflows
In an ambitious bid to enhance India's foreign currency reserves, the Reserve Bank of India is urging banks to ramp up their efforts in attracting foreign currency non-resident deposits (FCNR(B)). By rolling out a series of enticing incentives for these deposits, the central bank aims to bolster dollar inflows, which will ultimately fortify the stability of the Indian rupee.
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