Finance Minister Nirmala Sitharaman tells banks to intensify outreach to Non-Resident Indians (NRIs) to strengthen India’s foreign currency inflows. Multiple reports say she asks lenders to devise ways to sustain and grow foreign currency deposits, highlighting banks’ existing interest from NRIs in overseas markets. According to the accounts, Sitharaman encourages banks to introduce or promote innovative deposit products that can help maintain momentum in foreign currency deposit mobilisation.
The discussions also include an update on the progress of the Reserve Bank of India (RBI) swap facility schemes. One report notes that the RBI supports swap arrangements intended to strengthen India’s external sector. Another report describes that banks point to NRI demand in several key locations and references foreign currency non-resident deposits (FCNR(B)) that offer attractive returns, including five-year options.
Sitharaman’s remarks are reported to have been made during an interaction with managing directors and chief executive officers of public sector banks and public financial institutions in New Delhi. The overall aim, as reflected across sources, is to increase foreign capital mobilisation through sustained NRI participation in foreign currency deposit schemes.
