Mumbai: Banks remain optimistic of a sharp pick-up in foreign currency non-resident (FCNR-B) deposits before the RBI's September 30 deadline for the special scheme, despite initial inflows falling below expectations.
Bank executives said they are forging relevant partnerships with overseas entities to help execute the flows, noting that actual activity on the scheme only began at the end of June, after the central bank issued FAQs clarifying all the necessary points.
