 "The Reserve Bank of India (RBI) is expected to drop broad hints for the adoption of the expected credit loss (ECL) framework at Monday's meeting with the boards of private banks in Mumbai.")
The flow of money in non-resident Indian (NRI) deposit schemes almost doubled to $10.19 billion between April and September, 2024 (H1Fy25) from $ 5.41 billion put in by overseas Indians in these schemes during the same period in 2023, data released by the Reserve Bank of India (RBI) showed.
The total outstanding NRI deposits as of September, 2024 stood at $ 161.62 billion, according to the data released on Friday. The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. The April-September period is also considered as the first half of the reporting financial year (H1).
During the April-September, 2024 period, maximum flows came into FCNR (B) deposits. According to RBI data, about $ 5.34 billion flowed into these accounts during this period, compared to $ 1.92 billion in the corresponding period a year ago.
The outstanding amount in FCNR (B) accounts stood at $ 31.08 billion. An FCNR (B) account lets customers maintain a fixed deposit in India in freely convertible foreign currencies for a tenure ranging from one to five years. Since the account is maintained in foreign currency, it secures funds against currency fluctuations during the tenure of the deposit.
Meanwhile, NRE deposits witnessed an inflow of $ 2.65 billion during H1Fy25, compared to an inflow of $ 1.61 billion in the corresponding period a year ago. The outstanding NRE deposits now stand at $ 100.92 billion in September, 2024.
NRO deposits also saw inflows worth $ 2.19 billion from April-September 2024, compared to $ 1.88 billion during the same period a year ago. The total outstanding amount in NRO deposits was $ 29.61 billion in September, 2024. An NRO account is a rupee-denominated bank account for NRIs.
 "RBI, Reserve Bank of India")
 "RBI, Reserve Bank of India")
 "Over a week after Reserve Bank of India (RBI) governor Shaktikanta Das highlighted persistent gap in deposit and credit growth in a meeting with CEOs of public and private sector banks, two state-run lenders — Bank of Baroda (BoB) and Bank of Maharas")
 "Commercial banks mobilised ~1.45 trillion through certificates of deposit (CDs) in June to strengthen their balance sheets ahead of the quarter-end, according to data from the Clearing Corporation of India.")
 "RBI, Reserve Bank of India")
