A data by the Reserve Bank of India (RBI) has shown a surge in outstanding non-resident Indian (NRI) deposits compared to the same period a year ago. The inflows are mainly from three schemes – foreign currency non-resident banks, known better as FCNR(B), non-resident external rupee account or NRE(RA) for short, and non-resident ordinary (NRO) deposit schemes.
The deposits in these schemes had risen 11% on-year this July. It was $141,850 million in July 2023. Exactly a year later, it was $157,157 million. The total outstanding NRI deposit included $28,572 million in FCNR(B), $99,981 million in NRE(RA) and $28,603 million in NRO.
The country’s robust macro fundamentals is said to be the cause for the increase. The inflows are expected to rise further in the coming months. – editor@nrifocus.com
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