Led by NRI deposits, RBI swaps may draw $80-85 billion
India may attract $80-85 billion through RBI swap-backed initiatives led by FCNR(B) deposits, external commercial borrowings, and overseas foreign currency bonds.
Early inflows are expected from FCNR(B) deposits, which are already seeing traction among non-resident Indians, with the facility closing on September 30.
The RBI is supporting mobilization through a real-time monitoring framework, and banks are offering higher returns on FCNR(B) deposits due to suspension of interest rate ceilings.
Large inflows can provide support to the rupee amid global turmoil, leveraging digital channels and advanced technologies including AI, as suggested by RBI governor Sanjay Malhotra.
Conditions differ from 2013 due to narrowed interest rate differentials and changes in tax treatment in markets like the UK, increasing focus on tax-efficient jurisdictions such as the UAE and GIFT City.
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