Experts feel that banks may be required to raise the rates by at least 100 basis points to get NRIs to invest funds. The new FCNR(B) deposits scheme would be successful if banks offered higher rates to investors, like hiking the interest rates to 5.5% or more
Spotlight
Three Indian sailors killed in US military strikes on oil tanker off Oman
The three seafarers identified as deck cadet Aditya Sharma, engine fitter Shivanand Chaurasiya and chief engineer Patnala Suresh were on board the Palau-flagged oil tanker, the Settebello, when one of the US warplanes fired on the tanker in the Gulf of Oman, disabling the vessel
NRI businessman Shamsheer Vayalil launches Dh1m fund for Dubai accident victims
The families of the seven deceased victims will receive Dh100,000 each, while Dh180,000 has been allocated to support the nine injured survivors based on medical and recovery needs
Over 7,000 people arrested for residency and labour violations in Saudi Arabia
In a nationwide enforcement operations, diligently conducted for an entire week from May 28 to June 3, Saudi authorities detained hundreds of people for breaching border security regulations too
NRI workers among seven killed in Dubai road accident
The accident involved a minibus that hit a truck that had stopped in the middle of the road
Kuwait reopens airspace after Iran missile attacks
During the temporary closure, which was from 4:15 am to 6:15 am, 11 Kuwait Airways and Jazeera Airways flights were diverted to other airports
Bypassing Hormuz, Saudi launches new trade route via Red Sea in relief for India
The new service that facilitates trade flow will connect Jeddah Islamic Port with Mundra Port in India and the Port of Djibouti
NRI crime: Indian expat from Kerala murdered by gang in Sharjah
Ismail Ponnan Ibrahim Kutty had allegedly challenged another group of TikTokers live on the platform, which ended in a large number of individuals turning up to confront him when they attacked him fatally
Why Indians are investing in UAE real estate as tensions rise in the Middle East
The UAE’s appeal is particularly pronounced for investors in nearby markets with 91% of Indian investors, 92% of Egyptian investors and 85% of Saudi investors citing the country as a top-three destination
Indian Ambassador meets injured NRIs after Kuwait attack
The ambassador assured the injured of all possible help
NRI killed in drone, missile attacks on Kuwait
Indian Ministry of External Affairs confirms death of one Indian citizen in attacks
Indian banks keen on attracting NRI money and increasing dollar supply
The banks have also asked the Reserve Bank of India to revive a special deposit scheme for foreign currency non-resident accounts (FCNR) to boost NRI funds