The Foreign Currency Non-Resident (FCNR) scheme allows NRIs and Persons of Indian Origin (PIOs) to safely deposit and grow their overseas earnings in major foreign currencies within Indian banks. These operate like traditional fixed deposits, except the money stays in foreign currency rather than converting to Indian Rupees.
The Reserve Bank of India (RBI) has permitted banks to offer higher interest rates on FCNR deposits for a limited period as part of the strategy to bolster forex reserves and support the rupee amid the West Asia crisis.
“As much as USD 10 billion has been raised so far under the FCNR initiative, which is open till September 30, 2026,” ICAI Singapore Chapter Chairman Sanjay Gattani told PTI.
Echoing the views shared by the experts at the webinar, Gattani said under the FCNR initiative, NRIs have the potential to generate USD 70-80 billion foreign currency inflows into India under FCNR.
“Such inflows would substantially enhance India’s external financial position while providing NRIs with an opportunity to contribute directly to the nation’s development,” he said.
The webinar, held on July 15, drew nearly 1,800 participants, including chartered accountants, NRIs, accredited investors, business leaders, family offices and finance professionals from across the world.
Gattani said that, considering the investment capacity of participants and the leverage available through FCNR deposits, the webinar alone had the potential to facilitate investment commitments of over USD 2 billion.
“This is a testament to the trust that the global Indian community continues to place in India’s economic future and the power of well-curated knowledge initiatives in mobilising meaningful capital,” he said.
