NRIs’ deposits touch $134 billion in November 2022: RBI bulletin
Also, the flow of money into NRI deposits rose substantially to $3.64 billion from April-November 2022. This was against $2.6 billion in April-October 2021.
Bankers said while flows into deposits have increased, some funds (from deposits) were used for purchases during the festival season. This is one of the reasons for the dip in outstanding deposits in 2022-23.
These sops were the easing of a cap on interest rate on foreign currency non-resident (bank) and NRE deposits. And, they were also exempt from maintaining cash reserve ratio and statutory liquidity ratio on incremental deposits until November 4, 2022.
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