Mumbai, Aug 5: RBI Governor Sanjay Malhotra said on Wednesday there is no proposal to prematurely close the Foreign Currency Non-Resident (Bank), or FCNR (B), deposit incentive scheme. The RBI Governor was responding to a question at a press conference here after the announcement of the monetary policy review earlier in the day. Driven by these massive FCNR inflows, India’s headline foreign exchange reserves are expected to cross the $700 billion milestone in the coming weeks. Major commercial banks like State Bank of India (SBI), and ICICI Bank have collectively captured over half of all inflows generated under the FCNR (B) special dollar-mobilisation drive. FCNR (B) deposits of three to five years were subject to an interest rate ceiling linked to the applicable overnight alternative reference rate or swap rate plus 350 basis points.