This comes as the softening of rates in global markets has led to domestic banks raising funds from overseas investors at highly competitive rates.
As a result, industry experts believe that banks are more likely to opt for sourcing funds from global capital markets rather than locking at higher interest rates for NRI deposits.
On Friday, the RBI announced that to attract more capital inflows, banks have been permitted, with effect from December 6, to raise fresh FCNR(B) deposits of 1 year to less than 3 years' maturity. This is at rates not exceeding the alternative reference rate (ARR) plus 400 basis points (bps) and deposits with maturity between 3 and 5 years at rates not exceeding ARR plus 500 bps. This relaxation by the RBI is available till March 31, 2025.
This story is from the December 07, 2024 edition of Business Standard.
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This story is from the December 07, 2024 edition of Business Standard.
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