Financial Daily from THE HINDU group of publications
Saturday, Sep 20, 2003
Financial Daily from THE HINDU group of publications Saturday, Sep 20, 2003 |
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Money & Banking
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NBFCs Rates on NRE deposits: RBI fiat to RNBCs Our Bureau
Mumbai , Sept 19 THE Reserve Bank of India has stated that interest rates on fresh repatriable NRE deposits accepted from non-resident Indians by Residuary Non Banking Companies (RNBCs) must be in line with the interest rates offered by scheduled commercial banks and non-banking finance companies. Scheduled commercial banks can pay interest on these deposits contracted in India for one to three years not exceeding 100 basis points above the LIBOR/SWAP rates for US dollar of the corresponding maturity on new repatriable NRE deposits. RNBCs are not allowed to accept deposits for a period less than one year with the maximum period set at three years.
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