After more than a decade, India is once again turning to its 35 million-strong diaspora for support. This time, banks are mounting a global campaign to attract more than $50 billion in deposits from overseas nationals as policymakers seek to bolster foreign exchange reserves and support a battered rupee.
The pitch is simple: guaranteed returns of as much as 7.1% on dollar deposits, with lenders deploying relationship managers across Dubai, Singapore and London to drum up interest. Social media promotions and advertisements are targeting an increasingly affluent diaspora that sent home record sums last year.
