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Net inflows under non-resident deposits increased to $3.6 billion during April-November 2022 from $2.6 billion a year ago, boosted by the Reserve Bank’s July 6th measures, according to RBI Governor Shaktikanta Das.
As part of measures to attract NRI deposits, RBI had announced that incremental FCNR (B) deposits and NRE Term deposits mobilised by banks (with reference to base date of July 1, 2022) will be exempt from maintenance of reserves—Cash Reserve Ratio and Statutory Liquidity Ratio.
The aforementioned exemptions came into effect from the reporting fortnight beginning July 30, 2022. These are valid for deposits raised till November 04, 2022.
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