Deposits by non-resident Indians (NRIs) declined over 23% year-on-year to $2.775 billion during April-June 2026-27, according to the latest Reserve Bank of India (RBI) data.
NRI deposits had recorded inflows of $3.614 billion during the same period in 2025-26.
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Despite the decline in fresh inflows, outstanding NRI deposits rose to $168.506 billion at the end of June 2026 from $168.327 billion a year earlier, driven by growth in NRO and FCNR(B) deposits.
Inflows into Foreign Currency Non-Resident (Bank), or FCNR(B), deposits more than doubled to $1.732 billion during April-June 2026-27, compared with $774 million in the year-ago period, marking an increase of about 124%.
Outstanding FCNR(B) deposits rose to $35.487 billion at the end of June 2026 from $33.583 billion a year earlier. On a month-on-month basis, they increased from $34.038 billion at the end of May to $35.487 billion at the end of June.
The RBI introduced a special FCNR(B) window at its June monetary policy meeting, including bearing the cost of currency hedging, to boost foreign capital inflows and strengthen India's external position.
However, on August 14, the central bank decided to close the window for fresh FCNR(B) deposits under the special swap facility on August 31, one month ahead of its scheduled closure on September 30.
According to data reported by authorised dealer banks, the facility had attracted total forex inflows of $72.848 billion as of August 21, 2026.
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FCNR(B) deposits accounted for the bulk of the inflows at $65.397 billion, followed by Overseas Foreign Currency Borrowings (OFCBs) at $4.86 billion and External Commercial Borrowings (ECBs) at $2.591 billion.
Among other NRI deposit schemes, Non-Resident (External) Rupee Account (NR(E)RA) deposits stood at $98.757 billion at the end of June 2026, while NRO deposits stood at $34.262 billion.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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