RBI allows banks to offer higher interest on NRI deposits to draw more foreign funds

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The Reserve Bank of India (RBI) on Wednesday temporarily eased interest rate curbs on certain non-resident deposits to enable banks to offer higher returns on fresh FCNR(B) and NRE deposits with the aim of attracting more overseas funds to prop up the country’s foreign exchange reserves and strengthen the rupee.

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RBI allows banks to offer higher interest on NRI deposits to draw more foreign funds

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