Large lenders –following RBI’s clarification–are working on structured offerings that could provide upto 9x leverage against such deposits [2] The structures are expected to enable non resident Indians [NRIs] to earn effective returns of 12-18% [3] Individual banks will decide how much they will lend against FCNR[B] deposits [4] The annexed clippings quotes a senior banker at a private sector bank–” Our sense is that inflows of more than $50 billion should happen ” and “Most banks will settle around 9x ” Courtesy BS