The Reserve Bank of India’s special FCNR(B) deposit scheme could generate around ₹5.5 trillion in notional profit for banks and the RBI over five years, according to SBI Research. The scheme mobilised about $127 billion in foreign-currency deposits, which could support nearly ₹25 trillion in additional bank credit. SBI Research estimates banks could gain around ₹5 trillion, while the RBI could generate another ₹50,000 crore.
