Bulls return to banks on RBI's FCNR(B) initiative (opens original article in a new tab)

Indian bank stocks rose sharply as traders increased bullish bets following the RBI's FCNR(B) initiative, which aims to boost foreign currency deposits for banks.

• Traders increased bullish bets on Indian bank stocks following RBI's FCNR(B) initiative.
• Bank Nifty rose 4.25% as most banking stocks advanced between 1% and 7%.
• RBI's FCNR(B) measures aim to help banks raise foreign currency deposits at lower costs, potentially attracting $35-40 billion in inflows.