NEWS & ADVICE : PERSONAL LOAN
NRI deposits surging in banks
By Vaibhav Aggarwal
Nov 16, 2011
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Depreciating value of the Indian rupee is leading to flooding of funds from non resident Indians to banks here.

On a year on year basis, private sector lender Kotak Mahindra Bank has seen a 40-50% rise in remittances level.

Remittance process to India has increased since the time the financial crisis has again set roots in Europe.

South bound lenders which have a major business in the remittance field have seen a notable surge in flow of funds.

Private sector lender Federal Bank has seen a nearly 30% rise in its NRE and FCNR accounts for Q2 of this fiscal. "Nearly 7% of pan Indian remittances come through our bank and the rupee weakening has given a further boost," quoted A Surendran, head, international banking, Federal Bank.

"Unlike the previous generation, many of the present generation living abroad are looking to return to India at some point. They are making investments in apartments and so nearly 50-60% of their savings gets channelized to India," says N Kamakodi, chairman and managing director, City Union Bank while speaking about the change in mindset of the present generation NRIs.

"They are looking at multiple benefits and not just windfalls from exchange rate fluctuations. This includes opportunities for investment in real estate and mutual funds," says Praveen Kutty, head, retail and SME banking, Development Credit Bank.


 


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