NRI Deposits Over $5 Bn Between April 2022 & Jan 2023, Doubles Than FY22
Non-resident Indian (NRI) bank accounts received USD 5.95 billion from April 2022 to January 2023, more than doubling the USD 2.7 billion received during the same time in FY22.
According to Reserve Bank of India statistics, NRI deposits increased to USD 136.81 billion at the end of January 2023 from USD 134.48 billion in December 2022, ending the streak of declining outstanding amounts. It was 139.02 billion in March.
Numbers remained steady in December 2022, after reaching USD 134.6 billion in November 2022.
According to bankers, inflows have grown as a result of facilities such as lowering interest rate ceilings. During the festival season, however, there was an outflow in sales.
The RBI took measures in July to increase inflows into NRI accounts. These included lowering interest rate limits on Foreign Currency Non-Resident (Bank), or FCNR (B), and Non-Resident External (NRE) deposits, as well as exempting incremental deposits from the cash reserve ratio and statutory liquidity ratio until 4 November.
According to additional research, FCNR (B) reserves were USD 18.19 billion in January 2023, up from USD 17.58 billion in December 2022. They were also marginally higher than the previous year's figure of USD 18.08 billion.
In March, FCNR (B) investments totalled USD 16.91 billion.
