India, July 14 -- Finance Minister Nirmala Sitharaman on Monday asked banks to enhance outreach to Non-Resident Indians (NRIs) for greater mobilisation of foreign currency deposits.

Chairing a review meeting with CEOs of public sector banks and financial institutions on the Foreign Currency Non-Resident (Bank), or FCNR(B) deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) swap initiatives, Sitharaman appreciated the encouraging and enthusiastic initial response.

She called upon banks to further intensify outreach to the NRI diaspora, introduce innovative deposit products and sustain the momentum of mobilisation during the remaining period of the schemes, the finance ministry said in a statem...