RBI Data Reveals a Surge In NRI Deposits At $4.86 billion in 5 Months

According to the data revealed by RBI, NRI deposits during April-August had recorded an increase and stood at $4.86 billion as compared to $4.04 billion for the same period in 2019. Bankers opined that NRIs' before leaving to India through the Vande-Bharat Mission could have transferred their deposits into NRE (non-resident external-rupee accounts). However, as the pandemic situation improves and people plan to return back, deposits are turning to normal levels.