NRI deposit base in India shows dip this fiscal
By Neelima Shankar
Feb 22, 2011
Print    Email    RSS   

NRI deposit base of the country for the period between April to December 2010 has shown a decline with non residents figuring out better opportunities of investment in the developed nations.

There has been a 34% decline in NRI deposits in India in this period taking the total figure to $2.3 billion from $3.5 billion a year earlier, read RBI data.

Decline in currency inflow has been observed in both foreign currency non resident-banks , or FCNR(B), and non-resident external rupee accounts, or NRE (RA), the two repatirable schemes of deposits in India.

"An appreciating rupee always disincentivises NRIs in parking their fund in rupee-denominated instruments," said United Bank of India chairman and managing director Bhaskar Sen. "Such behaviour is especially true for NRIs who do not look for repatriation benefits," he added. This can be considered as a reason to some extent for the slowdown in NRO deposit flow.



(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Financial planning: a tool to retire...
Credit profile and its effect on loan...
Haven’t filed a return of your income?...
12 point conduct checklist for bank and...
Know about corporate fixed deposits

NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...
Chandigarh@CaℒL Giℛℒ In Rajpura +O9855660911...
If I invest 100000 rupees deposit for 2 year , how...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive