GK and monthly revision

FM Nirmala Sitharaman Urges Banks to Introduce Innovative NRI Deposit Products

Union Finance Minister Nirmala Sitharaman has urged public sector banks to enhance their outreach to the NRI community and develop innovative deposit products. This initiative aims to attract more foreign currency deposits from Non-Resident Indians, which is crucial for boosting India's foreign exchange reserves. The call comes during discussions with bank leaders on enhancing Foreign Currency Non-Resident (Bank) deposits and Overseas Foreign Currency Borrowings, highlighting the government's focus on leveraging the NRI diaspora for economic growth.