The Iran war is affecting money flows from overseas Indians, with NRIs withdrawing nearly $2 billion more than they deposited in Indian bank accounts in March, according to Reserve Bank of India (RBI) data. The total value of NRI deposits with Indian banks fell to $165.65 billion at the end of March from $167.58 billion a month earlier.

Indian diaspora withdrew nearly two billion dollars from local banks in March. This withdrawal was driven by geopolitical conflicts in West Asia. NRI deposits saw an annual…

The Reserve Bank of India sold $9.8 billion in March 2026 as the rupee dropped 4%, its steepest monthly decline since 2019, amid Iran conflict disruptions.