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NRI deposits in Indian banks in Oman go up

The deposit portfolio of NRIs of Indian banks in Oman went up 43.5% year-on-year in January-end, according to newspaper reports quoting RBI. 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. The report quoted Indian bankers in Muscat as saying 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. 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 – the top recipients of officially recorded remittances for 2013 were India ($71 billion) followed by China ($60 billion), the Philippines ($26 billion), Mexico ($22 billion), Nigeria ($21 billion), and Egypt ($20 billion).

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