Indian banks slash FCNR deposit rates by up to 310 basis points

Indian banks have lowered interest rates on foreign-currency deposits significantly.

This action follows the closure of the Reserve Bank of India's special swap window.

Banks offered unusually high rates to attract overseas funds during the ten-week period.

This special facility enabled lenders to provide substantially higher returns to depositors.

The strong inflows prompted the RBI to advance the closure of this window.