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The Economic Times

NRIs / The Economic Times

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Indian diaspora withdraws $2 bn from banks amid West Asia turmoil

Indian diaspora withdrew nearly two billion dollars from local banks in March. This withdrawal was driven by geopolitical conflicts in West Asia. NRI deposits saw an annual contraction in the fiscal year. Experts anticipate a more significant impact on NRI deposits if uncertainties persist. Outflows were noted in NRERA and NRO accounts, while FCNR(B) accounts remained stable.

22 May 2026 8:44 pm