Bengaluru: The Reserve Bank of India’s recent measures to facilitate higher foreign currency inflows through FCNR(B) deposits reflect a proactive and forward-looking approach towards strengthening India’s external sector position and enhancing foreign exchange liquidity. The initiative is expected to encourage greater participation from Non-Resident Indians (NRIs) while supporting the country’s broader economic growth objectives.

Commenting on the development, Mr. Hitendra Jha, Head – Retail Liabilities, TASC and TPP, Ujjivan Small Finance Bank, said, “The RBI’s decision is a timely measure that reinforces confidence in India’s financial system and creates an attractive avenue for NRIs to participate in India’s growth story. The initiative is expected to channel stable foreign currency inflows into the banking system, supporting financial stability and strengthening India’s external position.

At Ujjivan SFB, we remain committed to supporting RBI’s vision through innovative, customer-centric banking solutions that create long-term value for customers while contributing meaningfully to India’s economic progress,”

As part of its commitment to delivering value-driven solutions, Ujjivan SFB currently offers up to 7.13% p.a. on USD FCNR(B) deposits for tenures ranging from 3 to 5 years, among the most competitive rates available in the industry.

The enhanced FCNR(B) framework is expected to contribute positively to foreign exchange reserves while providing customers with secure and rewarding investment opportunities. Such measures further reinforce India’s position as a preferred destination for global savings and investments.