India demands state-owned banks to increase foreign currency deposits.

The Indian government has requested state-owned banks to increase efforts to attract foreign currency deposits from the 35 million overseas Indian community, in order to expand the country's foreign reserves and boost the weakening rupee. A statement revealed that Indian Finance Minister Nirmala Sitharaman convened a meeting on Monday to urge state-owned banks to strengthen their connection with overseas Indian diaspora through offline promotional activities, online digital channels, and innovative deposit products. Sources said that Reserve Bank of India Governor Shaktikanta Das is scheduled to meet with CEOs of private and state-owned banks on Tuesday to devise plans to attract overseas deposits and address various operational challenges hindering the absorption of funds.