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The Economic Times
The Economic Times
Business

FM Nirmala Sitharaman to meets heads of PSU banks on Mon, review foreign currency deposit mobilisation

Nirmala Sitharaman RBI

New Delhi: Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on Monday to review progress of foreign currency deposit mobilisation excercise 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.

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