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The Indian government-owned banks have launched a program to attract dollar deposits from Non-Resident Indians (NRIs) in order to bolster foreign exchange reserves and stabilize the Indian Rupee. The banks expect to raise approximately $30 billion through this initiative, which was launched by the Reserve Bank of India in June and has so far successfully collected around $10 billion, with projections that inflows could reach $2 billion before the program concludes in September. The program has enabled banks to offer higher returns and convert deposits into collateral for lending, in an effort to halt the Rupee's decline and reduce the impact of global fluctuations on the Indian economy.
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