FM Nirmala Sitharaman Calls for Enhanced NRI Outreach to Sustain Foreign Currency Mobilisation Momentum
Banks were told to use digital outreach and attractive returns as FCNR(B) deposits show an accelerating trend, officials said.
- On Monday, Finance Minister Nirmala Sitharaman directed Public Sector Banks to enhance outreach to Non-Resident Indians for greater mobilisation of foreign currency deposits and introduce innovative deposit products.
- These directives follow RBI Governor Sanjay Malhotra's June 5 announcement of swap schemes after FCNR net inflows dropped sharply to USD 946 million in FY26 from USD 7.1 billion in FY25.
- PSBs have deployed customised outreach strategies including digital channels to engage the NRI diaspora, while banks offer attractive returns on FCNR deposits, including five-year terms, with interest rate ceilings suspended.
- Bank CEOs reported significant interest from NRIs in Singapore, Hong Kong, West Asia, the United Kingdom, and the United States, with plans to accelerate deposit mobilisation through International Banking Units at GIFT City, Gujarat.
- Officials expect ECB mobilisations to strengthen during October-December 2026, with FCNR deposits eligible until September 30, 2026, and ECBs and OFCBs eligible through December 31, 2026.
11 Articles
11 Articles
FM Nirmala Sitharaman Asks Banks to Step Up NRI Outreach as FCNR(B), ECB, OFCB Schemes Draw Strong Interest
Get latest articles and stories on Business at LatestLY. Union Finance Minister Nirmala Sitharaman on Monday asked Public Sector Banks and Public Financial Institutions to intensify outreach to the NRI diaspora and sustain the momentum of foreign currency mobilisation under RBI's swap schemes. Business News | FM Nirmala Sitharaman Asks Banks to Step Up NRI Outreach as FCNR(B), ECB, OFCB Schemes Draw Strong Interest.
FM Nirmala Sitharaman asks banks to step up NRI outreach as FCNR(B), ECB, OFCB schemes draw strong interest - The Tribune
Union Finance Minister Nirmala Sitharaman on Monday asked Public Sector Banks and Public Financial Institutions to intensify outreach to the NRI diaspora and sustain the momentum of foreign currency mobilisation under RBI's swap schemes.
New Delhi: Sitharaman Urges Public Sector Banks To Woo Nris, Launch Innovative Forex Deposit Products
“They expressed confidence that ECB mobilisations would gather stronger traction during the third quarter (October-December 2026) of the current fiscal year”: Reports
The Economic Times
Times of IndiaFM Nirmala Sitharaman calls for enhanced NRI outreach to sustain foreign currency mobilisation momentum
Finance Minister Nirmala Sitharaman urged banks to enhance outreach to Non Resident Indians. Banks are offering attractive returns on foreign currency deposits and are seeing significant interest. Public sector banks are employing customized digital strategies to engage the NRI diaspora effectively. International Banking Units at GIFT City are being utilized for fund mobilization from multiple jurisdictions.
FM asks banks to boost NRI outreach, step up foreign capital mobilization
Finance minister Nirmala Sitharaman reviewed the progress of the RBI's swap facility schemes during an interaction with managing directors and chief executive officers of public sector banks and public financial institutions in New Delhi.
Coverage Details
Bias Distribution
- 75% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
