........Obviously, these high rates of interest offered to NRIs cannot last long and the RBI has already indicated that the swap facility offered to banks will be available only till 30 November 2013, and could be closed earlier with prior notice. Also, Dr SS Tarapore, former deputy governor of the RBI, has written in a local media that the swap facility offered by RBI on FCNR deposits to banks “exposes RBI to losses of an estimated Rs60,000 crore which would be self-immolation”. If this estimate is right, RBI may not continue with this facility for long and may even reduce the interest rates permitted on FCNR deposits if .........
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