India and the United Arab Emirates’ central banks have held discussions to resolve issues hampering the South Asian nation’s efforts to boost foreign-currency deposits from one of the world’s largest remittance corridors, according to people familiar with the matter.
At meetings held in Dubai between the Reserve Bank of India and the Central Bank of the UAE last week, the UAE regulator raised concerns that banks operating in Dubai’s special economic zone would prioritize India’s fundraising efforts at the expense of serving local customers, the people said, declining to be identified as the talks are private.
