Comments
The Reserve Bank has allowed resident individuals to repay housing loans in rupee on behalf of their close relatives, who are non-resident Indians (NRIs) or People of Indian origin (PIO). “..It has been decided that where an authorised dealer (bank) in India has granted loan to a non-resident Indian..., such loans may also be repaid by resident close relative of the non-resident Indian by crediting the borrower's loan account through the bank account of such relative,” the apex bank said in a notification.
However, this repayment facility is restricted to housing loan only, it noted. In another circular, the central bank allowed resident individuals to pay for medical expenses of their non-resident close relatives, who are on visit to India.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.