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India’s RBI says $136 billion FCNR(B) program generates net revenue

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  • RBI Governor Sanjay Malhotra defended the FCNR(B) deposit program’s financial economics.
  • $136 billion entered the program by August 2026, including $127 billion through FCNR(B) deposits.
  • India’s 2013 FCNR(B) program raised about $34 billion during an earlier rupee crisis.
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