World Economy

India NRI A/Cs Swell

India NRI A/Cs SwellIndia NRI A/Cs Swell

Deposits by the Indian diaspora in local banks swelled by $10 billion in the first six months of the current fiscal year, as they looked to seize the advantage of a weak rupee and the interest rate differential between advanced economies and India, PTI reported. Inflows into NRI deposits between April and September were 55% higher than in the same period last year, according to latest data from the Reserve Bank of India. As of September 30, NRI deposits in Indian banks totaled $121.8 billion.