The flow of funds into Non-Resident Indian (NRI) deposits witnessed a significant increase, reaching $6.11 billion in April-October 2023, doubling the amount recorded in the same period of the previous year. According to Reserve Bank of India (RBI) data, Foreign Currency Non-Resident (FCNR) deposits returned to positive territory with $2.06 billion in the mentioned period. The outstanding NRI deposits remained nearly flat at $143.81 billion in October 2023, showing a marked rise from $132.66 billion a year ago. The RBI’s measures to enhance inflows into NRI accounts, implemented in July 2022, played a role in this surge.
NRI Deposits Surge to $6.11 Billion in April-October 2023, Double the Previous Year’s Figures
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