\n<\/p>\n
New Delhi:<\/strong> On Monday, Indian Finance Minister Nirmala Sitharaman urged Public Sector Banks and Public Financial Institutions to enhance their outreach to the Non-Resident Indian (NRI) community. She emphasized the importance of maintaining the momentum in mobilizing foreign currency through the Reserve Bank of India’s swap schemes.<\/p>\n During a meeting in New Delhi with managing directors and CEOs of PSBs and PFIs, discussions revolved around the Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Borrowings (OFCBs). Senior officials from various departments, including the Department of Financial Services and the Reserve Bank of India’s Deputy Governor, were also present.<\/p>\n The banks reported a positive response from the Indian diaspora, with heightened interest in FCNR(B), ECBs, and OFCBs. According to the Ministry of Finance, there is a substantial interest coming from NRIs in regions like Singapore, Hong Kong, the United Kingdom, the United States, and the Middle East. Banks are presenting attractive return options, especially for five-year FCNR(B) deposits, following the removal of the interest rate cap on new deposits.<\/p>\n Bank leaders shared their strategies aimed at harnessing this interest and accelerating deposit mobilization for the remaining period of the scheme. They expressed optimism that ECB mobilizations would gain further momentum in the upcoming quarter, from October to December 2026.<\/p>\n Additionally, the banks are implementing tailored outreach programs, including digital strategies, to engage with NRIs and boost deposit growth. Reports indicate a visible increase in FCNR(B) deposit mobilization, driven by favorable returns being offered.<\/p>\n To attract global funds, GIFT City, located in Gujarat, is being utilized effectively. The banking units at the International Financial Services Centre in GIFT City are tapping into funds from areas like the UK, US, Middle East, Hong Kong, and Southeast Asia. Sitharaman encouraged banks to fully exploit the financial services and infrastructure at GIFT City.<\/p>\n The Deputy Governor of the RBI reassured that the central bank is actively assisting banks and financial institutions in gathering deposits and facilitating qualifying borrowings. A robust reporting framework established by the RBI allows real-time tracking of progress across institutions.<\/p>\n The RBI Governor announced the swap schemes on June 5, 2026. These schemes include a forex swap facility for new FCNR(B) deposits and concessional swaps for eligible ECBs and OFCBs, with the FCNR(B) scheme valid until September 30, 2026, and the ECBs and OFCBs until December 31, 2026.<\/p>\n The Ministry highlighted that the ongoing participation by public and private banks, along with financial institutions, reflects a strong resilience in mobilizing foreign currency, thereby boosting India’s foreign exchange reserves and reinforcing the stability of the external sector amidst global uncertainties.<\/p>\n\n","protected":false},"excerpt":{"rendered":" New Delhi: On Monday, Indian Finance Minister Nirmala Sitharaman urged Public Sector Banks and Public Financial Institutions to enhance their outreach to the Non-Resident Indian (NRI) community. She emphasized the importance of maintaining the momentum in mobilizing foreign currency through the Reserve Bank of India’s swap schemes. During a meeting in New Delhi with managing<\/p>\n","protected":false},"author":1,"featured_media":37370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[27],"tags":[2081,2998,3010,3009,1754,3004,3003,3007,3000,1458,2999,3001,3005,3008,3002,3006,1506],"class_list":["post-37369","post","type-post","status-publish","format-standard","has-post-thumbnail","category-indian-diaspora-in-us","tag-breaking-news","tag-evening-times-of-oman","tag-expats","tag-expats-in-oman","tag-latest-news","tag-muscat","tag-muscat-daily","tag-news-in-oman","tag-news-oman","tag-oman","tag-oman-news","tag-oman-news-agency","tag-oman-observer","tag-oman-time-now","tag-ona","tag-times-of-oman-newspaper","tag-world-news"],"_links":{"self":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/37369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/comments?post=37369"}],"version-history":[{"count":0,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/37369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media\/37370"}],"wp:attachment":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media?parent=37369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/categories?post=37369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/tags?post=37369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}