Helping the rupee rise sharply from around 69/USD to around 61-62 level currently, the mobilization was more than four times of what analysts and experts had expected when RBI opened this window in September.
The special window opened by RBI allowed Indian and foreign banks to open FCNR(B) accounts for NRIs with a three-year lock-in period. Many banks also started financing those deposits for NRIs.
According to experts, the move was one of the best options that RBI had at that time when rupee was depreciating very fast and foreign fund inflows were drying up.
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