......Oil-price shocks triggered balance-of-payments crises in India in 1981 and 1991. During those periods of tumult, debt- servicing increased with the help of external commercial borrowings and deposits from non-resident Indians, according to a Dec. 7 speech by RBI Executive Director Deepak Mohanty. Since Aug. 20, the RBI has exempted banks accepting deposits from overseas Indians from keeping 4 percent of the money as cash and investing 23 percent in approved securities. Such deposits stood at $70.8 billion in the year ended March 31, compared with $58.6 billion in the previous year, RBI data show..........
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