Capital Markets reports that foreign currency deposits (FCNR-B) and foreign institutional investments have witnessed so far a rise of $4.47
billion during the financial year. Foreign currency non-resident (FCNR-B) deposits after the September 11 terrorists attacks on the US has seen a huge increase.
The 400 basis points differential in the US-Indian interest rates, and the
renewed interest of the non-resident Indians (NRIs) in the real estate
sector in the country, are reported to be the main factors responsible for
the growth in the deposits.
The increase foreign currency deposits is expected to rise despite the Reserve Bank of India’s directive to strictly follow the know-your-customer
rule for NRI deposits.
- nriol.com report
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