Fcnr (b)

RBI Monetary Policy: Why RBI is unfazed by foreign deposit redemptions

The foreign currency non-resident (or FCNR) deposits raised by domestic banks in 2013 will soon be coming up for redemption in September-November. It could see outflows of about USD 20 billion from banks. However, RBI is unfazed. It says it has measures in place to counter the redemptions.

Dena Bank lowers interest rate on FCNR (B)

For FCNR (B) deposits of 1 year to less than 2 years, in US Dollar terms, the revised interest rates are 2.48 per cent as compared to 2.51 per cent earlier, the bank said in a statement on Wednesday.

Banks collect over $25 bn from special $ swap window: RBI

The Reserve Bank announced the swap windows for foreign currency non-resident (bank) deposits and overseas borrowings by banks on September 4, after the rupee declined about 30 percent against the dollar between April and August.

Foreign banks have edge over local banks in FCNR(B): Nomura

Leverage is a key factor in FCNR (B) and obviously when it comes to availing of leverage it is the foreign banks which have an advantage because they can use their home country balance sheets or parent balance sheets to provide that leverage, says Neeraj Gambhir, co-head of fixed income at Nomura.

See rupee stabilising in 62-64/USD range: Bank of America

Jayesh Mehta of Bank of America feels the direction of the rupee could be determined by the tapering amount to be announced by the Fed in the upcoming FOMC meet.