Why Indian Banks Are Chasing NRI Dollars | Can FCNR Deposits Solve The Deposit Crunch?

Indian banks are stepping up efforts to attract NRI deposits through the RBI's special FCNR window, which remains open until September 30. Attractive interest rates, overseas partnerships, and targeted outreach are helping lenders strengthen their deposit base and improve liquidity. Nachiket Kelkar, Business Today, reports that public sector banks have already announced ambitious FCNR deposit targets, while private lenders continue to expand their NRI-focused strategies. Ajay Bagga, Sr. Market Veteran, believes the attractive returns and leverage options could drive strong inflows, making the FCNR window a significant opportunity for both banks and Non-Resident Indian investors.