RBI Rules Out Premature End to FCNR (B) Incentive Scheme

The Reserve Bank of India is the country's main bank, and it helps look after India's money.

Some people from India live and work in other countries; they are called non-resident Indians.

The RBI started a special savings plan called FCNR (B), which lets those people save money in banks in India in foreign currency.

Banks were allowed to offer higher interest on these deposits to attract more money from overseas.

This plan brought in a lot of money, about $36.7 billion so far.

That extra money helps keep the value of India's rupee steady compared to the US dollar.

The head of the RBI, Sanjay Malhotra, said the bank is not planning to end this special plan early.

Because of all this money, India's foreign exchange reserves are expected to grow past $700 billion very soon.

The special rules will keep running until September 30, 2026.