Net NRI claims falls by $34.2 billion during Q4FY25, shows RBI data

Reserve Bank of India

Net claims of non-residents on India declined by $34.2 billion during the fourth quarter financial year 2024-25 and stood at $330 billion in March 2025, as per India's International Investment Position (IIP) data released by the Reserve Bank of India (RBI) on June 27.

The declines in the net claims of non-residents during the quarter was due to higher rise in Indian residents’ overseas financial assets ($60 billion) as compared to that in the foreign-owned assets in India ($25.8 billion), RBI said.

Net claims of non-residents on India refers to the difference between the total financial assets (claims) that non-residents hold in India and the total financial liabilities (obligations) that India has to non-residents.

During 2024-25, the net claims of non-residents declined by $31.2 billion on the back of higher rise in India’s external financial assets ($105.4 billion) vis-à-vis external financial liabilities ($74.2 billion), RBI data showed.

Over 72 per cent of the rise in India’s overseas financial assets was due to increase in overseas direct investment, currency and deposits, and reserve assets.

Increase in reserve assets accounted for over 54 per cent of the rise in Indian residents’ overseas financial assets, followed by currency & deposits and direct investments.

Rise in loans ($10 billion) and inward direct investment ($9.7 billion) together accounted for over three-fourths of the rise in foreign liabilities of Indian residents during January-March 2025. Reserve assets accounted for 58.7 per cent of India’s international financial assets.

The ratio of India’s international assets to international liabilities increased to 77.5 per cent in March 2025 from 74.8 per cent a quarter ago.