π° RBI shuts forex deposit window for NRIs early
The Reserve Bank of India (RBI) has prematurely closed the window for foreign exchange deposits for Non-Resident Indians (NRIs). This action followed a massive inflow totaling $52.3 billion into the country. The deposits reached this significant figure during the fiscal year 2023-24. This surge reflects strong investment interest from the NRI community in India's financial markets. The RBI will now reassess the deposit window guidelines for future transactions. π°