India, July 11 -- Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on Monday to review progress of foreign currency deposit mobilisation exercise being undertaken by them.

In a bid to attract foreign currency deposits by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs), the Reserve Bank of India last month withdrew, till September 30, interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity.

The move came at a time when FCNR(B) deposit inflows weakened sharply, with net inflows dropping to just $946 million in FY26 from $7.1 billion in FY25.

The Finance Minister will chair a meeting of public sector b...