 "RBI, Reserve Bank of India")
Reserve Bank of India(Photo: Reuters)
Overseas Indians deposited close to $3 billion in non-resident Indian (NRI) deposit schemes in April-May FY25, which is over four times higher than the amount deposited in these schemes in the same period last year, data released by the Reserve Bank of India (RBI) on Thursday showed.
In April-May FY25, inflows into the NRI schemes stood at $2.72 billion, compared to $623 million during the same period a year ago. With this, the total outstanding NRI deposits as of May stood at $154.72 billion.
In May alone, inflows into various NRI schemes stood at $1.7 billion compared to $1.07 billion in April, according to the data.
The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits.
During April–May FY25 period, maximum flows came into NRE deposits. According to RBI data, NRE deposits witnessed an inflow of $1.13 billion during this period, compared to an outflow of $10 million in the corresponding period a year ago. The total outstanding NRE deposits now stand at close to $100 billion.
Meanwhile, over $1.10 billion came into FCNR deposits compared to $524 million in the corresponding period a year ago, taking the total outstanding to $26.8 billion.
Similarly, NRO deposits also saw substantial flow of $481 million in April–May FY25, compared to $109 million during the same period a year ago, taking the total outstanding to $28 billion.
First Published: Jul 18 2024 | 8:28 PM IS