NRI deposits to Indian banks dropped 22% to $2.8bn
Business
NRI deposit inflows to Indian banks dropped 22% year-over-year in Q1 FY27, landing at $2.8 billion.
The big reason? Rupee-based NRE account balances saw a steep 93% fall, bringing it to just $140 million.
Meanwhile, NRO accounts chipped in with a moderate $900 million.
FCNR-B deposits jump 123% to $1.7bn
While rupee deposits struggled, foreign-currency non-resident (FCNR-B) deposits jumped 123% to $1.7 billion, thanks to RBI's special measures like better rates and a forex-swap facility rolled out in June.
Overall, the total NRI deposit stock stayed steady at around $169 billion as of June 2026, showing how RBI's tweaks helped balance things out despite the ups and downs.