With $52.3 billion raised, FCNR(B) scheme to close a month early

MUMBAI: RBI has decided to close the special FCNR(B) scheme a month early on Aug 31 after banks mopped up $52. 3 billion in deposits by Aug 13. The central bank’s decision follows a strong response to the facility, which was designed to bring foreign currency into India’s banking system at a time when dollar liquidity was a concern.

Summarised by Agaah from Times of India Business. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.