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Source: The Hindu BusinessLine

The Hindu BusinessLine
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Banking Sector
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1 min
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02 Sept
Published
Banking Sector
1 min read· The Hindu BusinessLine

India’s diaspora deposit inflows cross $100 billion: Report

India’s diaspora deposit inflows have exceeded $100 billion, according to the report. The dollar inflow helped lift RBI reserves to a record $729.3 billion.

The report links money coming in through diaspora deposits with the rise in the Reserve Bank of India’s reserves. Its central update is the crossing of the $100 billion inflow mark, alongside a new peak in the central bank’s reserve holdings.

However, the brief report does not identify the period covered by the deposit inflow figure. It also does not give a comparison with an earlier period. Readers therefore cannot tell from the supplied information how quickly these inflows increased or when the reported milestone was reached.

The two figures describe different things: one concerns diaspora deposit flows, while the other concerns RBI reserves. They should not be treated as interchangeable measures. Although the report says the dollar inflow helped push reserves higher, it does not specify how much of the reserve increase came from these deposits.

No bank-wise figures, deposit product details or interest rates are provided. The report also does not state any change in deposit rules or announce fresh instructions for banks. Its focus is the overall inflow milestone and the record reserve level.

#RBI
Source: The Hindu BusinessLine