This comes as the softening of rates in global markets has led to domestic banks raising funds from overseas investors at highly competitive rates.
As a result, industry experts believe that banks are more likely to opt for sourcing funds from global capital markets rather than locking at higher interest rates for NRI deposits.
On Friday, the RBI announced that to attract more capital inflows, banks have been permitted, with effect from December 6, to raise fresh FCNR(B) deposits of 1 year to less than 3 years' maturity. This is at rates not exceeding the alternative reference rate (ARR) plus 400 basis points (bps) and deposits with maturity between 3 and 5 years at rates not exceeding ARR plus 500 bps. This relaxation by the RBI is available till March 31, 2025.
Denne historien er fra December 07, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 07, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Uber launches 'women only' bike rides in B'luru
The company plans to introduce the service in other top cities such as Delhi, Mumbai, Kolkata, Chennai and Hyderabad
AI vulnerability in focus after ChatGPT outage
In an increasingly artificial intelligence (AI)-driven world, the recent outage of ChatGPT has reignited debates around the growing reliance on AI and, more broadly, on popular tech platforms.
AT 18, GUKESH CONQUERS 64 SQUARES
Indian Grandmaster D Gukesh on Thursday became the youngest world chess champion at 18 years after beating title-holder Ding Liren in the last game of a nerve-wracking showdown to herald a new era of dominance for the country's chess players.
SPANNER IN THE WORKS
Manufacturing firms see a sharp decline in operating profit, negative growth for second quarter in a row
REDUCING HOME LOAN BURDEN If credit profile has improved, try switching to lower-cost loan
Home loan borrowers' wait for interest rate cuts to begin continues with the Reserve Bank of India's (RBI) monetary policy committee keeping the repo rate unchanged after its December 4-6 review.
With PSBs on the ladder in '24, eyes on next rung
Rally may have legs until early 2025
Sentiment to stay weak as life insurers await tax clarity
Life insurance activity was soft in November 2024. Individual annual premium equivalent (APE) grew 7 per cent year-on-year (Y-o-Y) (two-year CAGR: 1 per cent) at industry level. New surrender value guidelines were applicable from October 2024.
MobiKwik booked 20.37x, Vishal Mega Mart sails through on Day 2
The initial public offering (IPO) of fintech firm MobiKwik received 20.37 times subscription on the second day of bidding on Thursday, driven by heavy participation from retail and non-institutional investors.
'Sebi trying to reduce float to transparency' cut risk, bring
Cash equivalent collateral of over ₹4.5 trillion is placed with stock brokers, custodians, clearing corporations, and other market intermediaries as float, which the market regulator is trying to reduce to mitigate risk and bring transparency, Ananth Narayan (pictured), wholetime member (WTM) of the Securities and Exchange Board of India (Sebi), said on Thursday.
BlueStone Jewellery files draft papers with mkt regulator
BlueStone Jewellery and Lifestyle, which offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand BlueStone has filed draft papers with markets regulator Sebi to raise funds through an initial public offering (IPO).
