New Delhi, July 13 -- 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.

She was interacting with MDs and CEOs of PSBs and PFIs in New Delhi on "Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) swap initiatives." The Secretaries of DFS, DEA and Revenue, Chief Economic Advisor, RBI Deputy Governor and other senior officials also attended.

Banks reported encouraging uptake. "It was noted that these initiatives have received an encouraging response from the India...