India’s finance minister has pressed the country’s state-owned banks to lure more foreign currency deposits from its overseas citizens in an effort to ease sustained pressure on the rupee.
Nirmala Sitharaman “called upon banks to further intensify outreach to the diaspora” in a meeting with the heads of India’s state lenders and public financial institutions on Monday, according to a government statement.
New Delhi’s urging follows a slew of measures by the Reserve Bank of India last month to shore up the rupee. They include absorbing the cost of hedging three- to five-year foreign currency deposits, allowing banks to raise interest rates on deposits offered to Indians living abroad.
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