NRI deposits fell to $1,12,963 million in November

 Niti Kiran        Last Updated: January 11, 2017  | 20:19 IST
NRI deposits fell to $1,12,963 million in November

Outstanding NRI deposits fell to $1, 12,962.50 million in November 2016, registering a fall of around 9.2 per cent compared to the previous month. The magnitude of fall was lower year-on-year, with a contraction of 6.8 per cent in these deposits.

NRI deposits in $million; Source: CMIE

Among outstanding NRI deposits, outstanding Foreign Currency Non-Resident (Banks) (FCNR(B))deposits fell the sharpest by 29.9 per cent to $26,759.50 million in November 2016 compared to October 2016. This was followed by a slight fall of 0.5 per cent in the outstanding Non-Resident (External) Rupee account deposits (NR(E)RA). The outstanding Non-Resident Ordinary Rupee deposits (NRO), however, increased by 3.5 per cent to $11,120.60 million.

During April-November 2016, NRI deposits witnessed outflows of $11,290.80 million compared to inflows of $10,887.20 million in the corresponding year-ago period. FCNR(B) deposits witnessed outflows of $ 18,556.40 million during the eight months period as opposed to inflows of $ 18,26 million in the preceding year. Going by this yardstick, inflows into (NR (E)RA) deposits fell by 29.5 per cent to $5,952 million. However, inflows into NRO deposits increased by 114.4 per cent to $1,313 million.


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