NRI Deposits: In a significant financial development, data released by the Reserve Bank of India (RBI) reveals a notable surge in the influx of funds into non-resident Indians’ (NRIs’) deposits during the first 10 months of the current financial year.
According to the RBI data, the amount flowing into NRI deposits soared by an impressive 70.35%, reaching $10.1B compared to $5.96B during the same period last year.
NRI Deposits Surge….
Furthermore, foreign currency non-resident (FCNR) accounts also witnessed a substantial increase in inflows, totalling $4.15B from April 2023 to January 2024, compared to $1.28B in the corresponding period a year ago.
The data indicates a positive trend in outstanding NRI deposits, which climbed by $823M to reach $147.73B by the end of January 2024, up from $146.90B in December 2023. This marks a significant rise from the $136.82B recorded at the end of January 2023.
Similarly, FCNR deposits saw a notable uptick, reaching $23.51B in January 2024 compared to $22.81B in December 2023, and a substantial increase from $18.20B in January 2023.
However, non-resident external deposits experienced a slight decline, totalling $97.46B in January 2024, down from $97.69B in December 2023, though higher than the $95.49B recorded in January 2023.
Conversely, non-resident ordinary deposits showed consistent growth, reaching $26.74B in January 2024, compared to $26.40B in December 2023 and $23.12B a year ago.
This surge in NRI deposits reflects confidence in India’s economic prospects and stability, further bolstering the country’s financial resilience amidst global uncertainties.