The deposit portfolio of NRIs of Indian banks in Oman went up 43.5 per cent year-on-year in January-end, according to a report.
The outstanding NRIs deposit rose to USD 99.15 billion in January from USD 98.63 billion in December 2013. Under the Foreign Currency Non Resident FCNR (B) category, these were USD 40.7 billion at the end of January, up from USD 40.4 billion in December 2013, the Times of Oman said quoting the latest RBI data.
“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 — the top recipients of officially recorded remittances for 2013 were India (USD 71 billion) followed by China (USD 60 billion), the Philippines (USD 26 billion), Mexico (USD 22 billion), Nigeria (USD 21 billion), and Egypt (USD 20 billion).