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Watch how ICICI Bank's NRI customers can make UPI payments

If you're an ICICI Bank customer, here's good news for you! You can now use your international mobile number to make instant UPI payments in India. Watch the video to know how

ICICI Bank enables UPI payments in India for NRIs via int'l mobile numbers

ICICI Bank on Monday announced that it has enabled instant payment facility UPI for its non-resident Indian (NRI) customers in India through their international mobile numbers. According to the bank, this will significantly enhance convenience of making everyday payments. "With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE/NRO bank account held with ICICI Bank in India," a statement released here by the bank said. According to the statement, the bank has made this service available through its mobile banking app iMobile Pay. Earlier, NRIs had to register an Indian mobile number with their bank accounts to make UPI payments across 10 countries, namely, the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar and Saudi Arabia. NRI customers of the bank can make UPI payments by scanning any Indian QR code, send money to a UPI ID

Encouraging investment

New rules aim to improve NRI participation

Bringing them home: Parties rally NRIs in large numbers to vote in LS polls

Kerala is once again leading the way in courting NRIs to return home to vote

LS polls: Kerala accounts for nearly 75% of registered NRI voters

Overseas Indians, who registered to vote in the 2024 Lok Sabha elections, have surpassed 118,000

Flows into NRI deposits up 84.4% to $11.8 bn in April 2023-February 2024

Outstanding NRI deposits up $2 billion in February over January

At nearly 66,00, India is second-largest source country for new US citizens

India is the second-largest source country for new US citizens, with over 65,960 Indians naturalized in 2022 (after Mexico), according to a latest Congressional report.

Flows into NRI deposits up 70.35% in April-January, shows RBI data

Non-Resident Ordinary (NRO) deposits reached a level of $26.74 billion in January 2024, up from $26.40 billion in December 2023 and $23.12 billion a year ago

NRIs should check their tax residency certificates for smoother compliance

Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance

Flows into NRI deposits up 72.7% in April-December 2023: RBI Bulletin

Non-resident external (NRE) deposits were at $97.69 billion in December 2023, up from $96.79 billion in November and $94.46 billion at the end of December 2022

Law panel recommends law to deal with NRIs, OCIs marrying Indian citizens

Describing as a "worrisome trend" the "rising" cases of fraudulent marriages between NRIs and Indian citizens, the Law Commission has recommended a comprehensive law to deal with the situation and compulsory registration of such alliances. While presenting the report "Law on Matrimonial Issues Relating to Non-Resident Indians and Overseas Citizens of India" to the law ministry, panel chairman Justice (Retd) Ritu Raj Awasthi said the Commission is of the opinion that the proposed central legislation should be comprehensive enough to cater to all facets involving marriages of NRIs as well as foreign citizens of Indian origin with that of Indian citizens. "The rising occurrence of fraudulent marriages involving Non-Resident Indians (NRIs) marrying Indian partners is a worrisome trend. Several reports highlight an increasing pattern where these marriages turn out to be deceptive, putting Indian spouses, especially women, in precarious situations," Justice Awasthi said in his covering ...

Time to hail India-UAE partnership: PM Modi at diaspora event in Abu Dhabi

Prime Minister Narendra Modi on Tuesday told the Indian community here that India is proud of them and it was the time to hail the friendship between the two countries. After greeting the thousands-strong audience at the 'Ahlan Modi' event with a 'Namaskar' amid chants of 'Modi, Modi' at the Zayed Sports City Stadium here, Modi said he was overwhelmed by the affection at the community programme. "You have scripted history by coming in such large numbers here here. You may have come from different parts of UAE and from different states of India, but everyone's hearts are connected," Modi said. "This is the time to hail the friendship between India and the UAE. In this historic stadium, every heartbeat echoes the same sentiment- Long live Bharat-UAE friendship," Modi said at the event that began with national anthems of the two countries. "Today's memory will be with me forever because I have come here to meet members of my family," he said. "I have come here with a message of your

Flows into NRI deposits double to $7.3 bn in April-November 2023

Non-Resident External (NRE) deposits stood at $96.79 billion in November 2023, sequentially up from $96.56 billion in October and $95.31 billion in November 2022

PM Sunak pledges action in Post Office fraud impacting many British Indians

British Prime Minister Rishi Sunak on Sunday said that the government is reviewing the compensation process in an accounting scandal that wrongly accused hundreds of sub-postmasters of fraud, many of them of Indian heritage. During an interview with the BBC, Sunak was asked about the historic scandal involving a faulty IT system named Horizon dating back to the late 1990s and confirmed that his justice minister is looking at how the process of overturning wrongful convictions and providing compensations can be speeded up. The government, which formally owns Post Office Ltd, has paid out millions in compensation to many of the sub-postmasters impacted but there are many others still waiting for years. "Obviously it's something that happened in the '90s but actually seeing it and hearing about it again just shows what an appalling miscarriage of justice it is for everyone affected and it's important that those people now get the justice they deserve, and that's what the compensation .

56% to shut bank lockers due to rising rentals, KYC requirement: Survey

Under the RBI guidelines for banks, revised locker agreements, defining responsibilities and liabilities, must be signed and submitted to the bank branch by account holders before December 31, 2023.

NRIs likely to get bigger play in local equities through GIFT City FPIs

At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent

Net claims of non-residents on India rise to $379.7 bn in Q1: RBI

Net claims of non-residents on India increased USD 12.1 billion to USD 379.7 billion in the June quarter on account of higher rise in foreign-owned financial assets, according to RBI data released on Thursday. Increase in reserve assets, at USD 16.6 billion, was the largest contributor to the rise in Indian residents' foreign assets during the April-June period, followed by direct investment, loans and trade credit, as per the data on India's international investment position' for June-end. "The rise in net claims of non-residents during the quarter was on account of higher rise in foreign-owned financial assets in India (USD 36.2 billion) when compared with Indian residents' overseas financial assets (USD 24.1 billion)," the Reserve Bank of India (RBI) said. "Inward portfolio investment (USD 15 billion) and foreign direct investment (USD 8.9 billion) together accounted for two-thirds of the rise in foreign liabilities of Indian residents," it added. As per the data, reserve assets

SBI introduces digital opening of NRE/NRO account setup through YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or 'new to bank' customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday. This initiative fulfils a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, it said. An Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an Non-Resident Ordinary (NRO) account is opened in India in the name of an NRI, to manage the income earned by him/her in India. These incomes include rent, dividend, pension, interest, etc. The bank has leveraged technology to create a seamless, digitized account opening process that ensures efficiency and accuracy, making it a one-stop solution

Turning the tide on brain drain

Addressing this issue could have a big payoff for the government

More than 66% of 1.34 crore NRIs live in Gulf countries: RTI reply

Of the estimated 1.34 crore Non-Resident Indians, more than 66 per cent are in the Gulf countries of UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain, the External Affairs Ministry has said in an RTI reply. The data is as of March 2022, said the ministry. AnI is an Indian citizen who is ordinarily residing outside India and holds an Indian passport. Nagpur-based banker Abhay Kolarkar said he had sought the data pertaining toIs and Persons of Indian Origin (PIOs) under Right to Information (RTI) a few months ago and the ministry's reply reached him in the last week of June. In its RTI reply, the ministry said that an estimated 1.34 croreIs live in 210 countries. Of these, 88.8 lakh overseas Indians live in six Gulf nations. While 34.1 lakhIs live in the United Arab Emirates, 25.9 lakh live in Saudi Arabia, followed by 10.2 lakh in Kuwait, 7.4 lakh in Qatar, 7.7 in Oman and 3.2 lakh in Bahrain. Kolarkar said he wanted the data to get a sense of the number ofIs who might be affect