Indian Banks Launch $50 Billion Diaspora Deposit Drive to Shore Up Rupee
Updated
Updated · Bloomberg · Jun 12
Indian Banks Launch $50 Billion Diaspora Deposit Drive to Shore Up Rupee
3 articles · Updated · Bloomberg · Jun 12
Summary
$50 billion is the target Indian banks are pursuing in a global campaign aimed at wealthy overseas Indians, marking the country’s first major diaspora deposit push in more than a decade.
The drive is meant to strengthen foreign-exchange reserves and steady a battered rupee, turning to non-resident Indians as policymakers seek fresh external funding support.
India’s 35 million-strong diaspora is the pool being tapped, giving banks a large overseas base as authorities try to reinforce financial buffers.