New Delhi, July 14 -- Union Finance Minister Nirmala Sitharaman on Monday reviewed the progress of the Reserve Bank of India's (RBI) swap facility schemes for Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) during a meeting with Managing Directors and Chief Executive Officers of Public Sector Banks (PSBs) and Public Financial Institutions (PFIs).

During the meeting, bank executives informed the finance minister that the RBI's swap initiatives have received encouraging response, with interest from NRIs in Singapore, Hong Kong, West Asia, the United Kingdom, the United States and other overseas markets.

They said banks are offering FCNR(B) depo...