Inflows in NRI deposits almost doubled to $10.2 billion in H1FY25: RBI

Inflows into Non-Resident Indian (NRI) deposits nearly doubled to $10.2 billion in the first half of FY25, according to the Reserve Bank of India (RBI). This significant increase reflects the growing confidence of NRIs in the Indian economy and the attractive interest rates offered on these deposits. The surge in NRI deposits is seen as a positive development for the Indian banking sector, providing additional liquidity and supporting credit growth. The RBI’s data highlights the importance of NRI deposits as a stable source of funding for banks, contributing to the overall financial stability of the country. The increase in deposits also underscores the strong economic ties between India and its diaspora, with NRIs playing a crucial role in supporting the country’s economic development. The growth in NRI deposits is expected to continue, driven by favorable economic conditions and attractive investment opportunities in India.