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RBI Urges Banks to Boost Overseas Fund Mobilization via FCNR(B) Deposits
The Reserve Bank of India (RBI) deputy governor urged bank CEOs to increase efforts in mobilizing overseas funds through FCNR(B) deposits to boost dollar inflows and strengthen forex reserves. This push comes with new RBI incentives to support these deposits, aiming to stabilize the rupee which depreciated significantly last fiscal year.
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Economic Times