The Finance Ministry asks banks to step up outreach to Non-Resident Indians (NRIs) as Foreign Currency Non-Resident (FCNR)(B) deposits show an accelerating mobilisation trend. In discussions with lenders, banks report encouraging responses from overseas markets including Singapore, Hong Kong, the Gulf region, the United Kingdom and the United States. Lenders indicate that participation from NRIs is improving and that FCNR(B) inflows are expected to continue strengthening.
One outlet notes that the mobilisation trend in FCNR(B) deposits is “clear” and has accelerated, suggesting banks’ engagement with NRIs is translating into higher deposit mobilisation. Another source adds that banks are seeing inflows from several key NRI destination countries and points to expectations that European Central Bank (ECB) related inflows may pick up in the third quarter of FY27.
Overall, the reporting describes the Finance Ministry’s push for expanded NRI outreach by banks and a backdrop of increasing FCNR(B) mobilisation across multiple international geographies, with markets reacting positively to the efforts.
