Union Finance Minister Nirmala Sitharaman has called upon public sector banks to further intensify outreach to the NRI diaspora and introduce innovative deposit products. Mrs Sitharaman said this while interacting with Managing Directors and Chief Executive Officers of Banks, Public Financial Institutions on the Foreign Currency Non-Resident (Bank) deposits and Overseas Foreign Currency Borrowings swap initiatives in New Delhi today. She also emphasized for enhanced NRI outreach to sustain mobilisation momentum.

During the interaction, the MDs and CEOs of the banks and Public Financial Institutions apprised the Minister of the progress under the RBI’s swap facility schemes. The participation of banks and public financial institutions underscores the effectiveness of the swap facilities in mobilising foreign currency inflows. Their participation also reinforces India’s foreign exchange reserves and strengthening the resilience of the external sector amid global uncertainty.

The Secretaries of the Department of Financial Services, the Department of Economic Affairs and the Department of Revenue, the Chief Economic Advisor, the Deputy Governor of the Reserve Bank of India (RBI), and other senior officers also attended the interaction.