NRI deposits in India

Showing their confidence in the resilient Indian economy despite global macroeconomic conditions, non-resident Indians (NRIs) deposited around $1 billion (₹ 8,356 crore) in the country in April alone.

Last year, overseas Indians deposited $150 million ((₹ 1,250 crore) in the same month, showing their growing belief in the Indian economy as there is increasing evidence of a trend upshift taking shape, which is shifting India's growth trajectory from the 2003-19 average of 7 per cent to the 2021-24 average of 8 per cent or even more.

According to latest data from the Reserve Bank of India (RBI), the surge in NRI deposits reflects the resilience of the Indian economy.

For the NRIs, There are three key deposit schemes in the country – the foreign currency non-resident (bank) or FCNR(B); the non-resident external rupee account or NRE(RA) and the non-resident ordinary (NRO) deposit scheme.

In April, NRIs deposited $583 million (₹ 4,840 crore) in the NRE(RA) scheme, followed by $483 million (₹ 4,010 crore) in the FCNR(B) scheme.

During the pandemic, NRI deposits grew to $142 billion (₹ 11.86 lakh crore) from $131 billion (₹ 10.94 lakh crore).

India's forex kitty surges to a new lifetime high of $655.8 billion (₹ 54.73 lakh crore).

Meanwhile, India's foreign exchange reserves surged by $4.3 billion (₹ 35,932 crore) to scale a lifetime high of $655.8 billion, according to the latest RBI data.

India, with an expected 15.2 per cent share in world remittances in 2024, also continues to be the largest recipient of remittances globally.

An increase in the foreign exchange reserves reflects strong fundamentals of the economy and gives the RBI more headroom to stabilise the rupee when it turns volatile.

(This story was taken from a syndicated feed, and edited only for style by Gujarat Samachar Digital staff)

Also read:

Indians have strong preference for deposits in one to three year categories: Report

Indian woman becomes Dubai’s ‘duty-free millionaire’