RBI Data Reveals a 70.35% Surge in NRI Deposits from April to January

• Inflows into foreign currency non-resident (FCNR) accounts have seen a notable spike, reaching $4.15 billion during the April 2023 to January 2024 span

• This surge contrasts starkly with the $1.28 billion observed in the same period the previous year, underscoring a growing trust in these investment avenues among NRIs, as per the latest Reserve Bank of India (RBI) data

PRAVASISAMWAD.COM

In an impressive show of confidence, non-resident Indians (NRIs) have significantly increased their deposits by a staggering 70.35%, totaling $10.1 billion in the initial ten months of the current financial year. This substantial rise marks a sharp upturn from the $5.96 billion recorded in the corresponding period last year, according to a report from India’s central bank, Reserve Bank of India (RBI).

Specifically, inflows into foreign currency non-resident (FCNR) accounts have seen a notable spike, reaching $4.15 billion during the April 2023 to January 2024 span. This surge contrasts starkly with the $1.28 billion observed in the same period the previous year, underscoring a growing trust in these investment avenues among NRIs, as per the latest Reserve Bank of India (RBI) data.

The momentum is further evidenced by the increase in outstanding NRI deposits, which climbed by $823 million to $147.73 billion by the end of January 2024, up from $146.90 billion in December 2023. This uptick reflects a consistent growth trajectory, with NRI deposits seeing a notable rise from $136.82 billion at the close of January 2023.

Moreover, FCNR deposits have witnessed a healthy uptrend, reaching $23.51 billion in January 2024, compared to $22.81 billion in the preceding month and $18.20 billion in January 2023.

However, non-resident external deposits experienced a slight dip, totaling $97.46 billion in January, marginally down from $97.69 billion in December 2023, yet still reflecting growth from $95.49 billion in January 2023.

Conversely, non-resident ordinary deposits have continued their upward trajectory, reaching $26.74 billion in January, up from $26.40 billion in December 2023 and a significant surge from $23.12 billion a year ago. This steady increase underscores the enduring appeal of such investment instruments among NRIs, contributing to the overall robustness of India’s financial landscape.

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