Indian banks target $50 billion NRI deposits offering up-to 7.1%
Business
Indian banks are rolling out a big push to get over $50 billion in deposits from the 35 million-strong Indian diaspora.
They're offering guaranteed returns of up to 7.1% on US dollar deposits: pretty tempting if you're an NRI with cash abroad.
To grab attention, banks are using relationship managers in hotspots like Dubai, Singapore, and London, plus plenty of social media ads.
RBI backs banks, experts urge reforms
The Reserve Bank of India is helping by covering some costs for banks raising dollars overseas (at least until September 30).
While remittances are now flowing in not just from the Gulf but also places like the US and the UK experts say India still needs bigger reforms to keep foreign money coming in for the long haul.