FCNR(B) windfall lifts NBFCs, small private banks: Why these stocks may be the bigger winners

The $136.4 billion FCNR(B) inflow has strengthened system liquidity, with NBFCs and small private banks emerging as potential bigger beneficiaries. Jefferies says the liquidity boost could help keep rates lower, while MOSL sees systemic credit growth rising to 14.3% in FY27, with upside to 15.5–16%.