Reserve Bank of India (RBI) has allowed banks to tap NRI deposits at the international benchmark of the London Interbank Offered Rate (Libor), now at 4.5 per cent
Special Correspondent
Feb. 14, 2006

The Reserve Bank of India (RBI) has allowed banks to tap NRI deposits at the international benchmark of the London Interbank Offered Rate (Libor), now at 4.5 per cent, to bridge the mismatch between faster credit offtake and a sluggish domestic deposit growth.

With hike in deposit rate for expatriats, RBI has reversed the trend of fall in NRI deposits and ensured that banks have additional funds to lend to needy sector of the economy.

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Reserve Bank of India (RBI) has allowed banks to tap NRI deposits at the international benchmark of the London Interbank Offered Rate (Libor), now at 4.5 per cent
Special Correspondent
With hike in deposit rate for expatriats, RBI has reversed the trend of fall in NRI deposits and ensured that banks have additional funds to lend to needy sector of the economy.
READ MORE>>

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