Full flow FCNR deposits could hit $100 billion
Recent surge in foreign currency non-resident (bank), or FCNR (B), deposit inflows has led analysts to raise their projections for dollar inflows through the scheme. According to Jefferies India, FCNR inflows could reach $90 billion to $100 billion by the scheme's closure on August 31, surpassing previous estimates of $70 billion to $80 billion. Indian banks have mobilized US$16 billion over eight days (13-21 August) through FCNR-B and other schemes, totaling $73 billion, exceeding analysts' expectations.
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