The Economic Times

FCNR(B) scheme has bought India 3-5 years, but $170 billion repayment cliff looms: Uday Kotak

Uday Kotak has described Indias $130-billion-plus FCNR(B) mobilisation as a strong insurance policy against global shocks, but warned that repayments including interest could reach $160-170 billion over the next three to five years. He said the buffer gives India time to strengthen its economy, but should not substitute for structural reforms, investment in technology and efforts to improve domestic competitiveness.