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NRIs deposit $513 million in Indian banks
Tuesday, November 18th, 2008NRIs deposit $513 million in Indian banks
According to the latest data released through the Reserve Bank of India’s (RBI) monthly bulletin, Non-Resident Indians (NRI) deposited a total of $513 million (on net basis) through its major schemes: foreign currency non-resident (banks) or FCNR (B), non-resident external (rupee accounts) or NRE(RA) and non-resident ordinary (NRO) accounts.
The bulk of the deposits were in the NRE(RA) scheme, which reflects the attractiveness of rupee-denominated deposits to NRIs.
This scheme has became the favourite with NRIs as they will get more value for their investments because of the depreciation in the rupee against the dollar.
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