Reserve assets rose by USD 34.8 billion, net claims of NRI decreased by USD 12.2 billion: RBI
Banking & Finance
The Reserve Bank of India (RBI) disclosed the latest figures concerning India’s International Investment Position (IIP) as of December 2023 showing a decline in net claims of non-residents on India, plunging by USD 12.2 billion during the period from October to December 2023, culminating at USD 370.4 billion by the end of December 2023. A contributor to this shift is the rise in reserve assets, soaring by USD 34.8 billion during the third quarter of 2023-24. This dip in net claims is primarily attributed to a substantial surge in Indian residents’ overseas financial assets, amounting to USD 40.7 billion, outpacing the increase in foreign-owned assets within India, which stood at USD 28.5 billion. This surge in reserve assets constitutes over 85 percent of the increase in foreign assets held by Indian residents.
According to the data provided, reserve assets account for a substantial portion of India’s international financial assets, making up 63.9 percent of the total.
Meanwhile, the share of debt liabilities in the country’s external liabilities has remained consistent, maintaining its position at 50.4 percent.
Reserve Bank of India (RBI)
Founded- 1 April 1935, Kolkata
HQ- Mumbai, Maharashtra; Current & 25th Governor- Shaktikanta Das
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