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    "headline": "India's FCNR(B) Scheme Floods Banks, Drags CD Rates Down",
    "dek": "Massive inflows into India's FCNR(B) scheme have driven three-month CD rates down to 6.3%.",
    "prose": "Interest rates on three-month Certificates of Deposit (CDs) fell to 6.3% at the end of August, down from approximately 7.30% at the end of March. [^1]\n\nThe Reserve Bank of India reported that its FCNR(B) scheme attracted a total of $136.4 billion in foreign currency deposits by August 31. [^2]\n\nOf the total inflows, $127.2 billion came from foreign currency non-resident bank (FCNR(B)) deposits, while $5.3 billion came from overseas foreign currency borrowings (OFCBs) and $3.9 billion from external commercial borrowings (ECBs). [^3]\n\nTotal system liquidity rose to ₹7.8 trillion on September 1 from ₹1.85 trillion on June 5, driven by the scheme and foreign exchange intervention. [^4]\n\nThe FCNR(B) component, which targets dollar deposits from non-resident Indians, fetched $127.2 billion, accounting for approximately 93.3% of the total inflows. [^5]\n\nGopal Tripathi, treasury head at Jana Small Finance Bank, stated that CD rates fell because banks are flush with FCNR(B) inflows and overall system liquidity has risen substantially. [^6]",
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      "statement": "Interest rates on three-month Certificates of Deposit (CDs) fell to 6.3% at the end of August, down from approximately 7.30% at the end of March.",
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      "statement": "The Reserve Bank of India reported that its FCNR(B) scheme attracted a total of $136.4 billion in foreign currency deposits by August 31.",
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      "statement": "Of the total inflows, $127.2 billion came from foreign currency non-resident bank (FCNR(B)) deposits, while $5.3 billion came from overseas foreign currency borrowings (OFCBs) and $3.9 billion from external commercial borrowings (ECBs).",
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      "statement": "Total system liquidity rose to ₹7.8 trillion on September 1 from ₹1.85 trillion on June 5, driven by the scheme and foreign exchange intervention.",
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      "statement": "Gopal Tripathi, treasury head at Jana Small Finance Bank, stated that CD rates fell because banks are flush with FCNR(B) inflows and overall system liquidity has risen substantially.",
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