Non-resident deposits (NRI) declined 30% to $8.3 billion during the April-October period, the Reserve Bank of India bulletin showed on Monday. However, deposits showed a marginal month-on-month uptick of 1.3% in October, with outstanding balances at $168.18 billion.
What drove the fall in first seven months?
The fall in the first seven months of the fiscal was driven by foreign currency non-resident bank (FCNR(B) deposits. The FCNR(B) deposits declined 74% to $1.6 billion, compared with $6.1 billion in the year-ago period.
Non-resident ordinary (NRO) deposits
Non-resident external (rupee account) deposits (NR(E)RA) and non-resident ordinary (NRO) deposits rose to $3.1 billion and $3.9 billion, respectively, in the period under review. For comparison, deposits in these two categories were at $2.6 billion and $2.8 billion, respectively, in April-October 2024.