image sourced from original article at The war involving Iran has begun to affect money sent home by overseas Indians, with nearly 2 billion dollars more withdrawn than deposited in Indian bank accounts in March. Data from the Reserve Bank of India showed total deposits by non resident Indians fell to 165.65 billion dollars at the end of March, down from 167.58 billion dollars a month earlier. Overall inflows also slowed in the current financial year compared with the previous year.
The decline was largely driven by withdrawals from non resident external rupee accounts and non resident ordinary accounts, which are commonly used by Indians working in West Asian countries. In contrast, foreign currency non resident accounts, typically held by Indians settled in Western nations, remained broadly stable.
Bankers and economists warned that prolonged geopolitical tensions could further strain these deposit flows, particularly if the conflict affects jobs and incomes of Indians living in the region.
