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Informist, Tuesday, Apr. 22, 2025

--RBI: Outstanding FCNR(B) deposits $32.49 bln Feb vs $32.75 bln Jan 

--RBI: Outstanding NRE deposits $97.94 bln Feb vs $98.50 bln Jan 

--RBI: Outstanding NRI deposits at $160.34 bln Feb vs $161.21 bln Jan 

MUMBAI – Outstanding deposits under the Foreign Currency Non-Resident (Banks) category fell marginally to $32.49 billion at the end of February from $32.75 billion in January, according to provisional data released by the Reserve Bank of India Tuesday. The deposits were at $24.90 billion a year ago.

In December, the RBI had raised the interest rate ceilings on FCNR(B) deposits of one- to five-years maturity by 150 basis points till Mar. 31. Shaktikanta Das, who was then the governor of the RBI, had said that the measure had 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 $160.34 billion at the end of February, down from $161.21 billion on Jan. 31, but up 7.1% from a year ago. Deposits under the Non-Resident (External) Rupee Account at the end of February were up marginally on year but fell slightly to $97.94 billion from $98.50 billion in January.  End

US$1 = INR 85.19

Reported by Vidhushi RajPurohit

Edited by Nishant Maher

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