India FX Deposits to Help Earn More Revenue, RBI’s Malhotra Says

Reserve Bank of India Governor Sanjay Malhotra stated Friday that India's foreign-currency deposit program will generate additional income rather than prove costly to the central bank. Malhotra said the RBI will deploy the incoming dollars overseas to earn returns. The RBI has been collecting foreign-currency deposits from banks and financial institutions as part of its efforts to manage India's external account.

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