India need not worry about FCNR (B) repayment: World Bank’s Neelkanth Mishra

India need not worry about repayment of foreign currency non‑resident (bank) FCNR (B) deposits when they mature in five years, World Bank Executive Director for India, Neelkanth Mishra, as the instrument is a relatively cheap source of capital that can be rolled over if global financing conditions remain unfavourable. In an interview with NDTV Profit, Mishra said India is getting it at 6.5–7 per cent interest which is, “reasonably cheap capital,” adding that if conditions...