NRIs propel deposits growth in Q1 of FY16
Non-Resident Indians (NRIs) seem to be making most of the rupee depreciation against US dollar. This is evident from the fact that NRIs deposits accounted for more than 50% of the new deposits received by various banks in Gujarat during the first quarter of fiscal 2015-16.
The state saw the overall deposits grew by Rs 8,294 crore in April-June quarter, of which Rs 4,465 crore came from NRIs. Interestingly, the total deposits in the state increased by just 1.69% during the period while NRI deposits recorded a rise of 8.18% Stock Market Trading Tips
"Rupee has reached almost to 66 against US dollar. With such fall in rupee, overseas Indians are sending money in large numbers in the country," said Aspy Bharucha, forex consultant.
According to the latest data by State Level Bankers' Committee (SLBC), NRI deposits in Gujarat stood at Rs 59,039 crore - forming about 11.84% of the total deposits as of June 30, 2015 as against Rs 54,574 crore (11.13%) as of March 31, 2015.
Almost all the districts recorded increase in NRI deposits. Ahmedabad district recorded the maximum increase in NRI deposits with over Rs 900 crore added in the first quarter of 2015-16 followed by Kutch with Rs 700 crore Financial Astrology Tips
Attractive interest rates offered by banks to NRIs along with improvement in sentiments in last one year are few reasons for constant increase in NRI deposits, claim experts.
Experts opine that the NRIs are depositing their money in rupee currency as to get higher returns. "Banks are offering interest rates of more than 8% to NRI account holders, so they are depositing in rupee terms to get maximum benefit," added Bharucha.
With rupee unlikely to recover in near future, the deposits are likely to go up further by September end. Also the interest rate factor is ensuring good flow of NRI money.
"Liquidity crisis in some parts of the world also prompted NRIs to divert their funds to India," said Jayesh Vithalani, financial consultant Indian stock market astrology prediction
The state saw the overall deposits grew by Rs 8,294 crore in April-June quarter, of which Rs 4,465 crore came from NRIs. Interestingly, the total deposits in the state increased by just 1.69% during the period while NRI deposits recorded a rise of 8.18% Stock Market Trading Tips
"Rupee has reached almost to 66 against US dollar. With such fall in rupee, overseas Indians are sending money in large numbers in the country," said Aspy Bharucha, forex consultant.
Consistent fall in rupee and higher returns on deposits in India have propelled NRI deposits in state beyond Rs 59,000 crore in the first quarter of 2015-16. On Saturday, rupee closed at Rs. 66.19 against a dollar.
According to the latest data by State Level Bankers' Committee (SLBC), NRI deposits in Gujarat stood at Rs 59,039 crore - forming about 11.84% of the total deposits as of June 30, 2015 as against Rs 54,574 crore (11.13%) as of March 31, 2015.
Almost all the districts recorded increase in NRI deposits. Ahmedabad district recorded the maximum increase in NRI deposits with over Rs 900 crore added in the first quarter of 2015-16 followed by Kutch with Rs 700 crore Financial Astrology Tips
Attractive interest rates offered by banks to NRIs along with improvement in sentiments in last one year are few reasons for constant increase in NRI deposits, claim experts.
Experts opine that the NRIs are depositing their money in rupee currency as to get higher returns. "Banks are offering interest rates of more than 8% to NRI account holders, so they are depositing in rupee terms to get maximum benefit," added Bharucha.
With rupee unlikely to recover in near future, the deposits are likely to go up further by September end. Also the interest rate factor is ensuring good flow of NRI money.
"Liquidity crisis in some parts of the world also prompted NRIs to divert their funds to India," said Jayesh Vithalani, financial consultant Indian stock market astrology prediction
posted by Naresh Jain @ 01:10
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