RBI Allows Banks to Mobilise FCNR(B) Deposits Through GIFT City Branches

The Reserve Bank of India (RBI) has issued a clarification on mobilising Foreign Currency Non-Resident (B) Deposits through GIFT City branches.

Key Points:

• Banks can now mobilise FCNR(B) deposits through GIFT City branches.
• This move aims to boost foreign investment in the country.
• The RBI has clarified that the deposits can be mobilised through GIFT City branches.

This move is expected to boost foreign investment in the country, as it will provide an additional channel for banks to mobilise foreign currency deposits. The RBI's clarification is seen as a positive development for the Indian economy, which has been facing challenges in attracting foreign investment in recent times. With this move, banks can now tap into the global market and mobilise foreign currency deposits through GIFT City branches.