FCNRB scheme: Inflows cool after netting $10 billion
The Reserve Bank of India's FCNR(B) scheme has attracted nearly $10 billion in deposits, but inflows have slowed due to rising funding costs. Finance Minister Nirmala Sitharaman urged bank leaders to enhance outreach to non-resident Indians to sustain deposit growth. Banking officials anticipate that the momentum may recover in the coming months despite challenges such as increased costs and global bond yield rises.