Rupee reboot: Govt unlikely to introduce NRI deposits

The government is unlikely to introduce the NRI deposits or the FCNR mechanism to attract foreign inflows aimed at arresting the fall of rupee, ET NOW quoted government sources as saying. FCNR stands for Foreign Currency Non-repatriable account deposits. The mechanism was used in 2013 when the RBI incentivised the banks to attract foreign NRI deposits at higher returns.