NRI (Non-Resident Indian) deposits has taken a dip all of a sudden. This has caused lots of worries for the Reserve Bank of India. The reason was said to be the tumbling crude oil prices from Oil rich west Asia.
The deposits stood at 10.82$ billion during the April - November 2015 period, this is up from 8.17$ billion in the same period in 2014. But now the deposits have got a slow pace in past few months. There have been a steady decline in the deposits. The rate has fallen up to 7.66%.
During the corresponding period last fiscal (2014-15), the remittances grew from $6.47 billion (April to September 2014) to $8.17 billion (April to November 2014), a sharp increase of 26.23%.
Regarding this, Associated Chambers of Commerce & Industry of India (Assocham) said in a press statement, "There has been severe economic pressure in Middle East. Most of the Indians are residing in Saudi Arabia, UAE, Bahrain and Qatar. Due to the economic crisis, even the deposits of them are deteriorating. Most of them are right now in low-income zone."
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