Page 10 - Banking Finance February 2025

ROUNDUP

NRI Deposits See $12 Bil-

lion Inflows
Overseas Indians deposited approxi-
mately $12 billion into non-resident
Indian (NRI) deposit schemes between
April and October (FY25), nearly dou-
Ò»©­ same period last year, according to
bling the amount deposited during the

data released by the Reserve Bank of
India (RBI).

In April-October FY25, inflows into NRI
schemes reached $11.89 billion, com-
pared to $6.11 billion in the same pe-
riod a year ago. As of October 2024,
Credit Card Spending Falls 16% from Festive Highs the total outstanding NRI deposits
Credit card spending in November decreased by 16.1% month-on-month (M- stood at $162.69 billion, up from
o-M) to Rs. 1.7 trillion, attributed to a moderation in consumer spending $143.48 billion a year earlier. In Octo-
following the strong momentum of the festive season in October, according ber alone, over $1 billion was depos-
to the latest data from the Reserve Bank of India (RBI). ited into various NRI schemes by over-
seas Indians.
Meanwhile, the growth in credit card issuance also slowed significantly in
November, with the industry adding just 350,000 net credit cards. This is a The NRI deposit schemes include for-
stark contrast to the 1.3 million net additions recorded during the same eign currency non-resident (FCNR) de-
period last year. posits, non-resident external (NRE)
The net additions of credit cards began to decelerate after the RBI, in No- deposits, and non-resident ordinary
vember last year, increased the risk weight for banks on unsecured lending. (NRO) deposits.
During the April-October period, the
Following this measure by the RBI, major issuers have recalibrated their
growth strategies in the segment, leading to a slowdown in credit card is- majority of the inflows went into FCNR
(B) deposits. RBI data indicates that
suance.
approximately $6.1 billion flowed into
these accounts during the period, com-
India Now 6th Largest So- going to the US. During the same pe- pared to $2.06 billion in the corre-
riod, $25 million worth of photovoltaic sponding period last year, bringing the
lar PV Exporter
cells not assembled in modules or total outstanding amount in such ac-
India has become the sixth-largest ex- made up into panels were exported, counts to $31.87 billion.
porter of solar photovoltaic (PV) prod- with 90% of these shipments also go-
ucts, with the country's share in global ing to the US. India Added Record 24
exports of these products increasing to
2.51% in 2023 from 0.4% in 2013. Out- "India's solar PV exports have wit- GW Solar Capacity in 2024:
bound shipments of solar PV products nessed a remarkable increase. This JMK
rose to $1.83 billion in 2023 from represents a substantial growth of over India witnessed the highest-ever instal-
$200.8 million in 2013, according to an eightfold and a significant rise in India's lation of 24 gigawatts (GW) of solar
official. prominence as a solar PV exporter," power capacity in the calendar year
the official said, attributing the growth 2024, as per an analysis by JMK Re-
In April-October FY25, India exported
$711.95 million worth of PV cells as- to increasing global demand and do- search. This capacity addition marks
sembled in modules or made up into mestic policy initiatives promoting so- the highest recorded in a single year.
panels, with 96% of these shipments lar energy. The JMK report states: "In 2024 (Janu-

BANKING FINANCE | FEBRUARY | 2025 | 9