RBI, FinMin likely to take up UAE curbs on Indian banks’ FCNR(B) mobilisation; lenders activate alternate channels

With RBI targeting roughly USD 20 billion each from public and private sector banks under its FCNR(B) mobilisation drive, lenders have sought government level intervention after the UAE barred representative offices from business facilitation, cross selling and deposit documentation activities, while activating alternate outreach strategies through GIFT City, multiple bankers told ETBFSI.

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