Country gains billions from expats in 3 months
A report revealed that the Reserve Bank of India launched an extraordinary campaign to attract deposits from overseas workers, especially from the Gulf region. The total inflows reached approximately $56.85 billion as of August 13, 2026, including $52.3 billion in long-term deposits (FCNR(B)). Gulf countries accounted for over 70% of these inflows, with the UAE alone receiving nearly half of the total accumulated funds, reflecting the significant presence of the Indian community in the region. The increase in interest rates and improved banking facilities have boosted returns on deposits, which ranged between 6.5% and 7.5%, encouraging expatriates to save their earnings. It is expected that Gulf countries will contribute more than $36 billion to FCNR(B) deposits. This represents one of the largest external financial inflows into India, with Gulf Cooperation Council countries accounting for about 38% of the total annual remittances, primarily focusing on long-term savings deposits held by workers in the Gulf.
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