RBI hikes rate caps on diaspora's currency deposits to attract flows

Q: How long will it take to read this news story?

The story "RBI hikes rate caps on diaspora&#039;s currency deposits to attract flows" has 523 words across 18 sentences, which will take approximately 3 - 5 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "RBI hikes rate caps on diaspora&#039;s currency deposits to attract flows" was covered 2 weeks ago by Business Standard, a news publisher based in India.

Q: How trustworthy is 'Business Standard' news outlet?

Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news. The outlet is headquartered in India and publishes an average of 244 news stories per day. It's most recent story was published 2 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #24163080</li><li>URL: https://beamstart.com/news/rbi-hikes-rate-caps-on-17334694525794</li></ul>

Business Standard Logo Business Standard 2w ago

RBI hikes rate caps on diaspora's currency deposits to attract flows - Business Standard

Quick Summary:

Announcing the fifth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said it has been decided to increase the interest rate ceilings on Foreign Currency Non-Resident Bank deposits or FCNR (B) deposits as per tenors.

The Reserve Bank on Friday announced a raise in the interest rate caps on the diaspora's foreign currency deposits, in a move aimed at attracting more capital flows amid pressures on the rupee.

It can be noted that the move comes at a time when rupee has been hitting lifetime lows against the dollar, and the Reserve Bank of India (RBI) seems to be deploying forex reserves to contain the volatilities, as seen in the sharp fall in the kitty over the last few weeks.