India offers up to 9% leverage to NRIs to attract fresh forex inflows

India is actively seeking foreign currency inflows by encouraging its diaspora to deposit funds. Banks are now permitted to offer substantial leverage on these special foreign-currency deposits, with potential returns exceeding 6% and leveraged rates above 10%. This initiative aims to bolster foreign exchange reserves amidst global economic uncertainties and has the potential to attract over $80 billion.

By TOI BUSINESS DESK