New Delhi, July 16 -- The Reserve Bank of India has sounded out commercial banks for the reasons for the slower-than-expected response to its foreign-currency deposit scheme, which is trailing the pace of a similar 2013 effort that raised $26 billion. The dollar deposit programme was launched in June after surging crude prices and foreign fund outflows battered the currency, though initial inflows have so far fallen far short of expectations of $30-40 billion.

At a meeting on Wednesday with bank executives ahead of the bi-monthly monetary policy, RBI officials questioned banks why foreign currency non-resident bank (FCNR-B) deposit inflows have not picked up, two people aware of the discussions said. Under the scheme announced on 5 June,...