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The Economic Times

Opinion / The Economic Times

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FCNR(B), nothing magical about it

The Reserve Bank of India is prematurely closing a special window for FCNR(B) bank deposits from the Indian diaspora, originally set to end September 30, now shutting on August 31. This move comes as the facility, which offered sweetened interest rates and shielded banks from currency risk and liquidity requirements, proved highly successful. The early closure is a precautionary measure due to liquidity considerations and potential adjustments to monetary policy.

17 Aug 2026 11:33 pm