ET Analysis: RBI’s FCNR U-turn dents policy certainty

The RBI’s early closure of its special FCNR(B) deposit swap window has raised concerns over policy certainty. Banks had mobilised $52.3 billion under the scheme by August 14, prompting the RBI to shut it on August 31 instead of September 30. Bankers say the move could disrupt dollar borrowings and leverage plans, while raising questions about India’s investment-policy predictability.