Indians living overseas have parked less money with Indian banks in July, compared with the previous two months, as an initial euphoria over RBI's efforts to attract such deposits waned, bankers said.
NRI deposit inflows fell to $822 million in July, from $1.7 billion in June and $2.8 billion in May, data from the Reserve Bank of India ( RBI) showed on Wednesday.
For the fiscal year that started in April, the highest NRI deposit inflows were seen in May when the central bank announced measures to bolster foreign currency inflows after the rupee fell sharply.
In May, the central bank relaxed the interest rate ceiling on foreign currency non-resident deposits and allowed banks to freely determine the interest rates on export credit in foreign currency. It also eased restrictions on the usage of foreign currency deposits.
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