RBI removes rate caps on select NRE, FCNR(B) deposits to attract foreign currency inflows

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The Reserve Bank of India is easing rules for foreign currency deposits. Interest rate caps on FCNR(B) deposits for three to five years are temporarily lifted. Restrictions on interest rates for NRE deposits of three years and above are also removed. These changes aim to attract more foreign currency into the banking system.

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RBI removes rate caps on select NRE, FCNR(B) deposits to attract foreign currency inflows

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