RBI may face ~$11 billion bill under foreign deposit plan
India raised a record $127 billion via a special deposit program for its diaspora. Economists say the Reserve Bank’s decision to shield banks from currency risk could cost about $10.6 billion.
India tapped its vast diaspora for a record $127 billion through a special deposit program, a fundraising bonanza that economists say could come with a hefty $10.6 billion bill for the country’s central bank.The potential cost stems from the Reserve Bank’s decision to shield banks from currency ris…