Home / Business and Economy / Sitharaman Eyes NRI Deposits for Forex Inflows
Sitharaman Eyes NRI Deposits for Forex Inflows
13 Jul
Summary
- Finance Minister urged banks to enhance NRI engagement.
- Banks should offer innovative foreign currency deposit products.
- GIFT City opportunities must be utilized for forex mobilization.
Finance Minister Nirmala Sitharaman has directed public sector banks to significantly enhance their engagement with non-resident Indians (NRIs). The directive, issued on Sunday, emphasizes the need to actively seek out overseas Indians and roll out novel foreign currency deposit products to boost foreign exchange inflows into the country.
During a meeting with bank chiefs, Sitharaman highlighted the strategic importance of utilizing GIFT City as a hub for mobilizing foreign currency resources. This push for increased forex inflows comes in the wake of the Reserve Bank of India's recent measures designed to strengthen India's external sector through swap facilities linked to various deposit and borrowing schemes.
