Union Minister for Finance Sitharaman interacts with Bank MDs and CEOs

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman today interacted with Managing Directors (MDs) and Chief Executive Officers (CEOs) of Public Sector Banks (PSBs) and Public Financial Institutions (PFIs) on the Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) swap initiatives in New Delhi.

The Secretaries of the Department of Financial Services, the Department of Economic Affairs and the Department of Revenue, the Chief Economic Advisor, the Deputy Governor of the Reserve Bank of India (RBI), and other senior officers also attended the interaction.

During the interaction, the MDs and CEOs of the PSBs and PFIs apprised the Union Finance Minister of the progress under the RBI’s swap facility schemes for FCNR(B) deposits, ECBs and OFCBs.

The MDs and CEOs stated that there has been significant interest from NRIs residing in Singapore, Hong Kong, the West Asia, the United Kingdom, the United States and other overseas jurisdictions.

During the discussion, the RBI Deputy Governor assured that the central bank is actively supporting banks and financial institutions in mobilising deposits and facilitating eligible borrowings. It was also noted that the robust daily reporting framework instituted by the RBI has enabled transparent, real-time monitoring of progress across participating institutions.

The schemes, announced by the RBI Governor in the Monetary Policy Statement of June 5, 2026, comprise a US Dollar-Rupee forex swap facility at par for fresh FCNR(B) deposits and a concessional swap facility for eligible ECBs and OFCBs, aimed at attracting foreign capital, strengthening the balance of payments and incentivising capital inflows.(UPDATED ON 13TH JULY 2026)