New Delhi, July 13 -- Union finance minister Nirmala Sitharaman on Monday asked banks to intensify outreach to non-resident Indians (NRIs), introduce innovative deposit products, and sustain the momentum of mobilization under the Reserve Bank of India's (RBI's) swap initiatives. According to an official press statement, these initiatives cover foreign currency non-resident (bank) [FCNR(B)] deposits, external commercial borrowings (ECBs), and overseas foreign currency borrowings (OFCBs).

Sitharaman reviewed the progress of the RBI's swap facility schemes during an interaction with managing directors and chief executive officers of public sector banks and public financial institutions in New Delhi. The meeting was also attended by the secr...