RBI’s Foreign Currency Swap schemes receive positive response from NRIs in Singapore, HK, West Asia, U.K., U.S.: PSB chiefs
Public Sector Bank chiefs report significant interest from Non-Resident Indians across major global hubs in the Reserve Bank of India’s foreign currency swap schemes. This positive reception spans key markets including Singapore, Hong Kong, West Asia, the United Kingdom, and the United States.
Major Public Sector Bank (PSB) leaders have indicated a robust response to the Reserve Bank of India’s foreign currency swap initiatives. These schemes, designed to facilitate easier capital flows, have seen particular traction among the Indian diaspora residing in key financial centers and Western nations.
The interest from NRIs in Singapore, Hong Kong, and the United States suggests a growing appetite for Indian financial instruments amid global market shifts. Bank executives noted that these inflows are helping to stabilize foreign exchange reserves and provide a steady source of liquidity for the banking sector.
In response to this trend, the Union Finance Minister has instructed banks to intensify their outreach efforts toward the NRI community. Banks are being encouraged to develop innovative deposit products to sustain the current momentum of capital mobilization and cater to the specific needs of overseas investors.
Source: Finance Ministry/PSB Reports
