Interest Rates on NRI Deposits High on MOIA’s Agenda
The low interest rates on NRI deposits have been a cause of concern for the Ministry of Overseas Indian Affairs, which it now plans to take up with the Indian Prime Minister and the Finance Ministry.
The Minister holding the Overseas Indian Affairs portfolio, Vyalar Ravi
is concerned that the rising rupee is affecting the savings of NRIs remitting
money to India.
Having gained from NRI
remittances , the country needs
to compensate the NRIs with better interest rates, feels the
Minister.
The Finance Minister of Kerala, T. M.
Thomas Isaac has already
initiated the discussion on hiking the interest rates on NRI
deposits.
The state is gravely affected by the drop in rates
as a large population of Kerala depends heavily on NRI remittances.
Concerned
Members of Parliament from Kerala would be taking up the matter
with the Centre shortly. Meanwhile, The Union Minister of State for External
Affairs, E. Ahamed is optimistic that the Finance Ministry would
take steps to ensure that the NRIs would not be adversely affected
by the rising value of the rupee.
| Related Readings: |
| Welfare Fund for NRIs Proposed by MOIA State Bank Hikes Interest Rates on NRI Deposits More Banks Raise Interest rates on NRI deposits |
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