Flows into NRI deposits nosedive to mere $349 mn in June quarter

Flow of money into non-resident Indian (NRI) deposits nosedived to a mere $349 million in Q1FY23 from $2.52 billion in Q1FY22.

Outstanding deposits declined to $135.9 billion at the end of June 2022 from $141.5 billion a year ago. Sequentially, NRI deposits also shrank from $139.02 billion in March 2022 and 137.08 billion in May 2022, according to Reserve Bank of India (RBI) data.

The situation was exactly the opposite a year ago when NRI deposits swelled by over $8.4 billion from $132.7 billion in June 2020 to $141.16 billion in June 2021.

Foreign currency depsit (FCNR-B) accounts opened for depositing income earned