This substantial rise marks a significant jump from the $6.40 billion recorded in the corresponding period of the previous year
In a remarkable surge, Non-Resident Indian (NRI) deposits witnessed a staggering 84.4% increase, reaching an impressive $11.8 billion during the period from April 2023 to February 2024. This substantial rise, as reported by business-standard.com, marks a significant jump from the $6.40 billion recorded in the corresponding period of the previous year.
The primary beneficiary of this influx has been the Foreign Currency Non-Resident (FCNR) accounts, which saw a substantial boost in funds. According to data sourced from the Reserve Bank of India (RBI), the inflow into FCNR accounts surged to $5.53 billion during the April 2023-February 2024 period, compared to a mere $1.48 billion in the preceding year (April 2022-February 2023).
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The substantial increase in NRI deposits underlines the confidence of overseas Indians in the Indian economy and financial stability
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Such robust inflows not only bolster the country’s foreign exchange reserves but also contribute significantly to its economic growth trajectory, reflecting the enduring trust and commitment of NRIs towards their homeland
At the close of February 2024, the outstanding NRI deposits escalated by $1.99 billion, standing tall at $149.72 billion, showcasing a significant uptick from the $147.73 billion recorded in January 2024. This upward trajectory reflects a notable year-on-year growth from $135.54 billion in February 2023.
Breaking down the numbers further, FCNR deposits saw a robust increase, climbing to $24.90 billion in February 2024 from $23.51 billion in January 2024, far surpassing the $18.40 billion recorded in January 2023.
Similarly, Non-Resident External (NRE) deposits also witnessed a steady rise, reaching $97.68 billion in February 2024, compared to $97.46 billion in January 2024 and $94.13 billion in February 2023.
Meanwhile, Non-Resident Ordinary (NRO) deposits experienced a notable surge, reaching $27.14 billion in February 2024, up from $26.74 billion in January 2024 and $23.0 billion a year earlier.
The substantial increase in NRI deposits underlines the confidence of overseas Indians in the Indian economy and financial stability. Such robust inflows not only bolster the country’s foreign exchange reserves but also contribute significantly to its economic growth trajectory, reflecting the enduring trust and commitment of NRIs towards their homeland.
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