Financial Daily from THE HINDU group of publications
Thursday, Oct 30, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 30, 2003 |
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Money & Banking
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NBFCs RBI caps rates on NRE deposits with NBFCs Our Bureau
Mumbai , Oct. 29 THE Reserve Bank of India has clarified that the rate of interest payable on fresh repatriable non-resident external (NRE) deposits accepted by all classes of non-banking financial companies (NBFCs) on and from October 18, should not exceed 25 basis points above LIBOR/SWAP rates for US dollar of corresponding maturity, as against 100 basis points announced earlier. The RBI said that other instructions relating to the maturity period of deposits would remain unchanged and that the above changes would also apply to the renewed repatriable NRE deposits after their present maturity period, according to a press release.
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