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The Economic Times
The Economic Times
Business

Banks likely to deploy FCNR(B) liquidity in coming months as festive credit demand rises: RBI Deputy Guv

RBI Rohit Jain Reserve Bank

Mumbai: Reserve Bank Deputy Governor Rohit Jain on Thursday said banks are expected to deploy additional liquidity from foreign-currency non-resident deposits over the next few months, as credit demand is likely to be strong during the festive season.

Under the special Foreign Currency Non-Resident (FCNR-B) deposit scheme, banks have mobilised USD 133 billion. The scheme closed on August 31, one month ahead of the earlier schedule following a robust response from the Indian diaspora.

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