In a U-turn, outstanding NRI deposits rise in October, shows RBI data

In July, the RBI took steps to enhance fresh inflows into NRI deposit accounts

Breaking the streak of continuous fall in outstanding amounts, non-resident Indian (NRI) deposits rose for the first time in the financial year to $134.54 billion in October 2022. The figure was $133.67 billion in September. Reserve Bank of India (RBI) data showed that NRI deposits were in shrinking mode for the first six months of FY23.

They fell to $133.67 billion in September from $139 billion in March. They declined from $141.3 billion a year ago.

Also, the flow of money into NRI deposits rose substantially to $4.93 billion during April-October this year. This is against $3.28 billion in April-October