The Economic Times

Deposits under RBI's latest foreign currency non-resident bank scheme will carry one-year lock-in

The Reserve Bank of India's new FCNR-B scheme offers a one-year lock-in for deposits and mandates non-cancellable swaps for banks. This initiative, featuring an attractive at-par swap arrangement, aims to attract significant foreign currency inflows, with banks exempted from CRR and SLR requirements on these deposits.