FCNR(B) Inflows Exceed $100 Billion, Surpassing RBI Estimates

Inflows into the Foreign Currency Non-Resident (FCNR) bank accounts have crossed the $100 billion mark, significantly exceeding the Reserve Bank of India's initial estimate of $80 billion.

This surge in NRI deposits has contributed to India's foreign exchange reserves reaching record highs, providing a buffer against global market volatility.

Economists note that while the influx strengthens the rupee, the RBI is closely monitoring the impact of these short-term dollar pressures on domestic liquidity.