Home / Business and Economy / NRI Deposits Surge 678% on RBI Swap Facility
NRI Deposits Surge 678% on RBI Swap Facility
27 Sep
Summary
- NRI deposit inflow jumped 678.2% to $36.24 billion in FY27 Q1.
- FCNR(B) deposits saw a massive rise to $34.53 billion.
- Outward remittances under LRS increased by 4.7% to $9.37 billion.
Inflows into Non-Resident Indian (NRI) deposit schemes surged dramatically by 678.2%, reaching $36.24 billion during the April-July period of FY27. This impressive growth, compared to $4.66 billion in the previous year's corresponding period, was significantly boosted by a concessional swap facility introduced by the Reserve Bank of India (RBI) in June.
Foreign Currency Non-Resident (FCNR-B) deposits were the main beneficiaries, attracting $34.53 billion in the April-July 2026 period, a stark contrast to the $772 million received a year prior. Outstanding FCNR(B) deposits climbed to $68.28 billion by July 2026.
Conversely, Non-Resident External (NRE) deposits saw a decline, with inflows of $207 million and outstanding balances at $98.02 billion in July 2026. Non-Resident Ordinary (NRO) deposits experienced a slight increase, with inflows of $1.51 billion and outstanding amounts reaching $34.59 billion.
Meanwhile, outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals increased by 4.7% year-on-year to $9.37 billion, primarily driven by overseas investments in equity and debt, which doubled to $1.4 billion.
