New Delhi: Showing their confidence in the resilient Indian economy despite global macroeconomic conditions, non-resident Indians (NRIs) deposited around $1 billion in the country in April alone.
For the NRIs, There are three key deposit schemes in the country – the foreign currency non-resident (bank) or FCNR(B); the non-resident external rupee account or NRE(RA) and the non-resident ordinary (NRO) deposit scheme.
In April, NRIs deposited $583 million in the NRE(RA) scheme, followed by $483 million in the FCNR(B) scheme.
During the pandemic, NRI deposits grew to $142 billion from $131 billion.
India’s forex kitty surges to new lifetime high of $655.8 billion
Meanwhile, India’s foreign exchange reserves surged by $4.3 billion to scale a lifetime high of $655.8 billion, according to the latest RBI data.
India, with an expected 15.2 per cent share in world remittances in 2024, also continues to be the largest recipient of remittances globally.
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