Mumbai: The deposits by Non-Resident Indians (NRIs) rose 76% to $5.4 billion in April-December this financial year. The deposits by NRIs was at $3.07 billion in the same period 2021. Data released by the Reserve Bank of India (RBI) revealed this.
However, the streak of decline in outstanding NRI deposits (what is shown in the ledger but not in the bank statement) continued during the 9 months of 2022-23. They fell to $134.5 billion in December 2022 from $139.02 billion in March and $141.90 billion a year ago. It was at $134.6 billion in November.
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Outstanding FCNR (B) deposits were at $17.55 billion in December 2022. It was at $16.71 billion in November. However, they were down compared to $18.15 billion a year ago. FCNR(B) deposits were at $16.91 billion in March.
NRE deposits were at $94.46 billion in December 2022, down sequentially from $95.31 billion in November 2022 and $102.91 billion a year ago. NRE deposits were at $100.8 billion in March. The eligible NRI can put money in NRE deposits in any foreign denomination and withdraw it in rupees.
Non-Resident Ordinary (NRO) are accounts where money is kept in rupees and cannot be freely converted into any foreign currency. NRO deposits were stable at $22.45 billion in December 2022 as against $22.46 billion in November 2022. The amount of NRO deposits increased in December 2022 from $20.83 billion a year ago. NRE deposits were at $21.3 billion in March 2022.
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