HSBC dangles 19x leverage to lure NRIs under RBI’s dollar deposit scheme
Target markets
To be sure, banks expect a bulk of FCNR(B) inflows to come largely from the Gulf and Singapore, as depositors in the US and UK face stricter tax and compliance obligations. However, the leveraged structure could also attract wealthy NRIs from Africa and, in some cases, Australia, the person cited above said.
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