The Finance Ministry has asked public sector banks not to accept bulk deposits beyond 15 per cent of total deposits to improve asset-liability management. This was informed by the Secretary Department of Banking and Financial Services D K Mittal on the sidelines of a meeting of the Federation of Indian Export Organisations in New Delhi today. Mr Mittal said the Finance Ministry has recently issued a circular to the banks in this regard.

Mr Mittal called upon exporters to desist from devaluing the domestic currency by trading in foreign currency, which creates problems for the government. He said exporters should focus on exporting goods and services rather than worrying about the fluctuations in the Rupee. On the export credit issue, the Secretary said, the government is committed to promoting exports. He said the issues raised by exporters require consultations with the RBI and the Commerce Ministry.

Commenting on the issue of HSBC bank’s Indian staff coming under the scanner of a US probe into money laundering, Mr Mittal said the RBI is looking into it. He said the finance ministry would assist the central bank with the required inputs