The amount flowing into non-resident Indians’ (NRIs’) deposits surged 70.35 per cent to $10.1 billion in the first 10 months of this financial year, from $5.96 billion in the year-ago period.
Flows into foreign currency non-resident (FCNR) accounts increased to $4.15 billion in the April 2023-January 2024 period, compared to an inflow of $1.28 billion in the year-ago period, according to data from the Reserve Bank of India (RBI).
Click here to follow our WhatsApp channel
Outstanding NRI deposits rose by $823 million to $147.73 billion at the end of January 2024, up from $146.90 billion in December 2023. As for the annual trend, NRI deposits grew from $136.82 billion at the end of January 2023.
ALSO READ: Forex reserves surge by over $10 billion to hit over two-year high
FCNR deposits were at $23.51 billion in January 2024, up from $22.81 billion in December 2023. This was higher than the $18.20 billion at the end of January 2023.
Non-resident external deposits were at $97.46 billion in January, down from $97.69 billion in December 2023 and $95.49 billion at the end of January 2023.
Non-resident ordinary deposits reached $26.74 billion in January, up from $26.40 billion in December 2023 and $23.12 billion a year ago.
Also Read
Flows into NRI deposits double Y-o-Y to $6.11 billion in April-October 23
Flows into NRI deposits double to $7.3 bn in April-November 2023
RBI keeps repo rate unchanged at 6.5%: What should borrowers do?
RBI press conference LIVE: It is supervisory action on Paytm, says Guv Das
RBI MPC: Repo rate kept unchanged at 6.5%, FY24 GDP estimate hiked to 7%
NHAI completes InvIT monetisation of Rs 16,000 crore through 'Round 3'
Net FDI in India down to $15.41 bn in Apr 2023-Jan 2024: RBI bulletin
Why fruit production needs to fillip to maintain a healthy supply rate
Competition Law 2.0 marks a new era for India's anti-trust regulations
Analysing economic progress of states through budgets & advance estimates