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Informist, Wednesday, Mar. 19, 2025

--RBI: Outstanding FCNR(B) deposits $32.75 bln Jan 31 vs $32.20 bln Dec 31 

--RBI: Outstanding NRE deposits $98.49 bln Jan 31 vs $99.57 bln Dec 31 

--RBI: Outstanding NRI deposits at $161.21 bln Jan 31 vs $161.80 bln Dec 31 

MUMBAI – Outstanding deposits under the Foreign Currency Non-Resident (Banks) category rose marginally to $32.75 billion at the end of January from $32.20 billion in December, according to provisional data released by the Reserve Bank of India on Wednesday. The deposits were at $23.52 billion a year ago.

The RBI in December had raised the interest rate ceilings on FCNR (B) deposits of one to five years maturity by 150 basis points till Mar. 31. The then RBI governor Shaktikanta Das had said that the measure has been taken to attract more capital inflows. However, incremental foreign exchange inflows have not materialised to such an extent as banks are not eager to raise their already high rates.

Overall, outstanding deposits by non-resident Indians were at $161.21 billion at the end of January, down from $161.80 billion in December, but rose 9.1% from a year ago. Deposits under the Non-Resident (External) Rupee Account at the end of January fell slightly to $98.49 billion from $99.57 billion in December but up from $97.47 billion a year ago.  End

US$1 = INR 86.44

Reported by Srijita Bose

Edited by Saji George Titus

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