Flow of money into NRI deposits till February moderates sharply, shows data

The flow of money into deposits of non-resident Indians (NRIs) moderated to $2.3 billion during April 2021-February 2022 from $8.88 billion in the year-ago period. 

The outstanding deposits were down to $139.58 billion at the end of February 2022 compared with $142.35 billion a year ago, according to the Reserve Bank of India data.

The foreign currency or FCNR deposits saw the maximum contraction. They declined from $22.09 billion in February 2021 to $17.29 billion in February 2022.  

The money in rupee-denomin­ated NRE deposits remained constant around $101 billion in February 2022 compared with a year ago. In contrast, the money into non-resident ordinary accounts rose from $18.46 billion in February 2021 to $21.17 billion in February 2022.