The RBI’s latest measures, including special forex swap options for FCNR(B) deposits and external commercial borrowings (ECBs), are likely to bring more foreign currency inflows worth $55–65 billion in FY27. The development will strengthen the rupee and improve India’s external position, according to a report by SBI Ecowrap. The report indicated that RBI’s February and June 2026 measures show a coordinated strategy to neutralise the Indian rupee, attract long-term foreign capital, reduce pressure on external funding and deepen domestic debt markets. The expected inflows could mainly come through Foreign Currency Non-Resident Bank (FCNR-B) deposits. SBI Research projects that this channel alone could bring in nearly $40–45 billion, supported by attractive deposit rates and the RBI’s dollar-rupee swap facility. The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure.&nbsp;Also read: <a href="https://www.wionews.com/photos/apache-helicopter-cost-vs-power-is-it-worth-millions-per-unit-1781084972199">Apache helicopter cost vs power: Is it worth millions per unit?</a><h3>SBI projects BoP surplus of $5–10 billion</h3>The report further estimates that an additional $15–20 billion may flow in through External Commercial Borrowings (ECB) and Overseas Foreign Currency Borrowing (OFCB) routes, as reduced hedging costs make overseas fundraising more appealing for banks and corporates. A major impact is expected on India's balance of payments (BoP). SBI Research has revised its FY27 outlook and now projects a surplus of $5–10 billion, a sharp turnaround from its earlier forecast of a $65–70 billion deficit. The report also anticipates banking sector deposit growth to improve to around 14.5–15 per cent, helping bridge the gap between credit and deposit growth while creating room for lower interest rates. At the same time, SBI cautioned that the RBI must remain proactive in addressing any weakness in the rupee and cannot afford to adopt a hands-off approach. “In the current environment, a passive approach could prove costly,” the report noted, and added that decisive intervention would help anchor expectations, control imported inflation and protect macro-financial stability. The report further stated that expectations of an immediate interest rate hike cycle appear premature, arguing that the future policy framework should remain data-dependent. Amid growing global uncertainty and high currency volatility, SBI believes that the latest dollar inflow strategy of RBI could give the firepower required to defend the rupee.&nbsp;

The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure.

The RBI’s latest measures, including special forex swap options for FCNR(B) deposits and external commercial borrowings (ECBs), are likely to bring more foreign currency inflows worth $55–65 billion in FY27. The development will strengthen the rupee and improve India’s external position, according to a report by SBI Ecowrap. The report indicated that RBI’s February and June 2026 measures show a coordinated strategy to neutralise the Indian rupee, attract long-term foreign capital, reduce pressure on external funding and deepen domestic debt markets. The expected inflows could mainly come through Foreign Currency Non-Resident Bank (FCNR-B) deposits. SBI Research projects that this channel alone could bring in nearly $40–45 billion, supported by attractive deposit rates and the RBI’s dollar-rupee swap facility. The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure. Also read: Apache helicopter cost vs power: Is it worth millions per unit? SBI projects BoP surplus of $5–10 billion The report further estimates that an additional $15–20 billion may flow in through External Commercial Borrowings (ECB) and Overseas Foreign Currency Borrowing (OFCB) routes, as reduced hedging costs make overseas fundraising more appealing for banks and corporates. A major impact is expected on India's balance of payments (BoP). SBI Research has revised its FY27 outlook and now projects a surplus of $5–10 billion, a sharp turnaround from its earlier forecast of a $65–70 billion deficit. The report also anticipates banking sector deposit growth to improve to around 14.5–15 per cent, helping bridge the gap between credit and deposit growth while creating room for lower interest rates. At the same time, SBI cautioned that the RBI must remain proactive in addressing any weakness in the rupee and cannot afford to adopt a hands-off approach. “In the current environment, a passive approach could prove costly,” the report noted, and added that decisive intervention would help anchor expectations, control imported inflation and protect macro-financial stability. The report further stated that expectations of an immediate interest rate hike cycle appear premature, arguing that the future policy framework should remain data-dependent. Amid growing global uncertainty and high currency volatility, SBI believes that the latest dollar inflow strategy of RBI could give the firepower required to defend the rupee.

The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure.

Big boost for Rupee? RBI's forex push could bring $55–65 billion inflows in FY27, says SBI

State Bank of India (SBI) announced on Thursday that it has decided to waive maintenance of Average Monthly Balance (AMB) for all savings accounts.

Also read: <a href="https://www.wionews.com/business-economy/sensex-nosedives-over-1500-points-on-global-equity-rout-285189">Sensex nosedives over 1,500 points on global equity rout</a>

The charges on maintaining AMB have been waived off on all 44.51 crore SBI savings bank accounts, according to a press release by the bank.

Currently, SBI Savings Bank customers need to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 in Metro, Semi-Urban and Rural areas respectively. The bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB.

Also read:<a href="https://www.wionews.com/india-news/state-bank-of-india-says-a-49-stake-in-yes-bank-will-cost-331-million-284907"> State Bank of India says a 49% stake in Yes Bank will cost $331 million</a>

The bank has also waived off SMS charges and has also rationalised interest rate on savings bank accounts to a flat 3 per cent per annum for all buckets.

Also read:<a href="https://www.wionews.com/business-economy/market-plunges-1942-points-in-worst-day-for-sensex-ongc-reliance-industries-top-losers-285272"> Market plunges 1,942 points in worst day for Sensex; ONGC, Reliance Industries top losers</a>

Rajnish Kumar, Chairman, SBI announcing the waiver said, "This announcement will bring in more smiles and delight to our valuable customers. Waiving AMB is SBI`s yet another initiative to provide customers with more convenience and elated banking experience. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI."

State Bank of India (SBI) announced on Thursday that it has decided to waive maintenance of Average Monthly Balance (AMB) for all savings accounts. Also read: Sensex nosedives over 1,500 points on global equity rout The charges on maintaining AMB have been waived off on all 44.

State Bank of India (SBI) announced on Thursday that it has decided to waive maintenance of Average Monthly Balance (AMB) for all savings accounts. Also read: Sensex nosedives over 1,500 points on global equity rout The charges on maintaining AMB have been waived off on all 44.51 crore SBI savings bank accounts, according to a press release by the bank. Currently, SBI Savings Bank customers need to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 in Metro, Semi-Urban and Rural areas respectively. The bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB. Also read: State Bank of India says a 49% stake in Yes Bank will cost $331 million The bank has also waived off SMS charges and has also rationalised interest rate on savings bank accounts to a flat 3 per cent per annum for all buckets. Also read: Market plunges 1,942 points in worst day for Sensex; ONGC, Reliance Industries top losers Rajnish Kumar, Chairman, SBI announcing the waiver said, "This announcement will bring in more smiles and delight to our valuable customers. Waiving AMB is SBI`s yet another initiative to provide customers with more convenience and elated banking experience. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI."

Monthly balance maintenance waived off on 44.51 crore SBI savings bank accounts

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.7 lakh fresh jobs created in 2019.

The report has based the estimates on the payrolls data generated by EPFO(employees provident fund organisation).

<a href="https://www.wionews.com/india-news/india-is-witnessing-temporary-effects-of-global-slowdown-amit-shah-270648">Also Read: India is witnessing temporary effects of global slowdown, says Amit Shah&nbsp;</a>

The report comes at a time when there is news of US retailer Walmart and Indian start-up OYO laying off employees while Walmart has fired over 56 senior executives, OYO is letting go of at least 20 per cent of its workforce.

OYO hospitality chain, in an internal mail to its staff in India and South Asia has reportedly said it plans to downsize its manpower as part of an ongoing business restructuring. Reports said OYO is sacking about 2,400 of its roughly 10,000 employees in India.&nbsp;

In fact, People immigrating within the country for business reasons are expected to send less money back home especially in the poorer Indian states, according to the SBI research report. The report states that there is a decline in remittances in a few states like Assam and Rajasthan which reflects downsizing of contractual labourers.

Poor job creation is also likely to raise difficulties with India facing the highest unemployment rate in 45 years.

The GDP growth in Asia’s third-largest economy is likely to be just 5 per cent in this financial year which is a 11-year low.

Another report released last year pointed to one of the worst job losses in the recent times in the public sector. The two biggest listed public sector employers, State Bank of India and coal India have reduced their workforce by 4.4 per cent and 2.6 per cent last year.

India's retail inflation touched 7.39% in July 2014, according to Refinitiv data leading to more headaches for the consumer already hit by high vegetable prices and slow growth.

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.7 lakh fresh jobs created in 2019. The report has based the estimates on the payrolls data generated by EPFO(employees provident fund organisation). Also Read: India is witnessing temporary effects of global slowdown, says Amit Shah The report comes at a time when there is news of US retailer Walmart and Indian start-up OYO laying off employees while Walmart has fired over 56 senior executives, OYO is letting go of at least 20 per cent of its workforce. OYO hospitality chain, in an internal mail to its staff in India and South Asia has reportedly said it plans to downsize its manpower as part of an ongoing business restructuring. Reports said OYO is sacking about 2,400 of its roughly 10,000 employees in India. In fact, People immigrating within the country for business reasons are expected to send less money back home especially in the poorer Indian states, according to the SBI research report. The report states that there is a decline in remittances in a few states like Assam and Rajasthan which reflects downsizing of contractual labourers. Poor job creation is also likely to raise difficulties with India facing the highest unemployment rate in 45 years. The GDP growth in Asia’s third-largest economy is likely to be just 5 per cent in this financial year which is a 11-year low. Another report released last year pointed to one of the worst job losses in the recent times in the public sector. The two biggest listed public sector employers, State Bank of India and coal India have reduced their workforce by 4.4 per cent and 2.6 per cent last year. India's retail inflation touched 7.39% in July 2014, according to Refinitiv data leading to more headaches for the consumer already hit by high vegetable prices and slow growth.

Slowdown in India expected to hit job sector: SBI report

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.

"In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said.

The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20.

The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014.&nbsp;

"Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said.

A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP.

"The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said.

Migration has been an important livelihood for the poor and non-poor of the country in the last years.&nbsp;

People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra.

New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said.&nbsp;

"These migrants have been making significant financial contributions to their families in their places of origin," it said.

The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent.

This slow growth in productivity manifests in low wage growth, it said.

It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. 
 
(With inputs from agencies)

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019. According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers. "In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said. The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20. The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014. "Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said. A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP. "The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said. Migration has been an important livelihood for the poor and non-poor of the country in the last years. People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra. New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said. "These migrants have been making significant financial contributions to their families in their places of origin," it said. The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent. This slow growth in productivity manifests in low wage growth, it said. It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. (With inputs from agencies)

Financial year 2020 to see fewer jobs compared to 2019: SBI report

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Big boost for Rupee? RBI's forex push could bring $55–65 billion inflows in FY27, says SBI

Monthly balance maintenance waived off on 44.51 crore SBI savings bank accounts

Slowdown in India expected to hit job sector: SBI report

Financial year 2020 to see fewer jobs compared to 2019: SBI report