India's small banks use RBI currency facility to chase diaspora deposits

Some are also hoping to eventually sell insurance and investment advice

The likes of Equitas Small Finance Bank, AU Small Finance Bank and IDFC First Bank are offering nonresidents Indians interest rates of up to 7.5%, compared with the 5.25% to 6% offered by State Bank of India and the 6% offered by HDFC. (Source photos by Getty Images, Reuters and Equitas Small Finance Bank's website)

BENGALURU -- An initiative by India's central bank intended to shore up dollar reserves has given the country's small banks an opening to offer better rates and win lucrative business from nonresident Indians (NRIs), a demographic with which many of them have long struggled.

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