RBI Governor Reveals Half of FCNR(B) Deposits Are Five-Year Deals

RBI Governor Sanjay Malhotra revealed that almost half of the FCNR(B) deposits are for five years! With banks offering rates over 7%, it’s no surprise that a staggering $127.2 billion was collected by August 31. This shows strong global confidence in India's economy, making everyone feel good about the future!