RBI: Foreign Currency Deposits
Moneylife Digital Team 24 May 2012

To attract inflows in view of a falling rupee, the Reserve Bank of India (RBI) raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3%. RBI said, “Interest rate ceiling on Foreign Currency Non-Resident FCNR (B) deposits of banks has been raised from 125 basis points (1.25%) above the corresponding LIBOR or swap rates to 200 basis points (2%) for maturity period of...

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