India's Jan-March current account deficit narrows to 0.1% of GDP

Many Indians living in rural areas keep large amounts of cash at home because of a lack of banks. Photograph:( Getty )

Reuters New Delhi Jun 16, 2016, 01.51 PM (IST)
India's current account deficit in the January-March quarter narrowed to $300 million, or 0.1 per cent of gross domestic product, from $7.1 billion, or 1.3 per cent of GDP in the previous quarter, the central bank said on Thursday.

The balance of payments surplus in January-March was $3.3 billion, compared to a surplus of $4.1 billion in October-December, according to the Reserve Bank of India.