Despite ongoing geopolitical tensions in West Asia, Kerala has seen a significant increase in non-resident Indian (NRI) deposits during the January-March quarter. Federal Bank reported a 7% quarter-on-quarter rise in NRI deposits, reaching ₹1.03 lakh crore ($12.4 billion USD), while South Indian Bank noted a 4.2% increase to ₹35,371 crore ($4.3 billion USD). The depreciation of the Indian rupee by 5.4% during this period has contributed to the higher value of remittances. Federal Bank's Managing Director, KVS Manian, expressed confidence in the stability of remittances unless significant job losses occur among expatriates in the UAE. However, experts caution that if the conflict persists, it could eventually affect the livelihoods of expatriates, leading to reduced remittance inflows. According to Reserve Bank of India data, Gulf nations account for over one-third of India's remittances, totaling ₹3.74 lakh crore ($45 billion USD) for the fiscal year 2023-24.