India pulls in $10 billion in NRI deposits via RBI initiative to boost rupee: Report
According to a Reuters report, India has pulled in close to $10 billion via the RBI's special deposit scheme for non-resident Indians (NRIs), which was launched to strengthen foreign exchange reserves and prop up the rupee. The flow of funds gained momentum after the RBI clarified that banks are permitted to offer loans to NRIs using their foreign-currency deposits as collateral. Experts project that the initiative could eventually bring in between $30 billion and $60 billion.
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