NRI deposit portfolio of Indian banks up 43.5 per cent in Oman

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Indian banks’ deposit portfolio of non-resident Indians (NRIs) in Oman went up 43.5 per cent year-on-year at the end of January, according to a report.

The outstanding NRIs deposit rose to $99.15 billion in January from $98.63 billion in December 2013.

Under the foreign currency non-resident (FCNR B) category, these were $40.7 billion at the end of January, up from $40.4 billion in December 2013, a local daily said in its report quoting the latest data from the Reserve Bank of India (RBI).

“The rise can be attributed to the steps taken by RBI in August and September 2013, to attract NRI deposits, to attract foreign exchange, to stem the fall in the rupee’s value against the dollar,” Indian bankers in Muscat were quoted by the newspaper as saying.

However, they do not see the NRI deposits growth sustaining as the rupee is gaining strength.

According to World Bank’s report – Migration and Development Brief – top recipients of officially recorded remittances for 2013 were: India ($71 billion), China ($60 billion), the Philippines ($26 billion), Mexico ($22 billion), Nigeria ($21 billion), and Egypt ($20 billion).