business π° NRI deposits bring $73B to New Delhi
New Delhi has attracted $73 billion in the last 11 weeks through special deposit schemes for Non-Resident Indians. This massive inflow was driven by incentives offered to NRIs making foreign currency deposits in Indian banks. Over $65 billion of these funds entered bank deposits, and the total could reach almost $80 billion before the August 31 deadline. These inflows are helping the RBI manage currency volatility amid rising energy import bills and capital outflows. Future currency stability will depend on oil prices and FDI after the incentives end.