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RBI caps rates on NRI deposits

MUMBAI, APRIL 20. In line with non-resident (external) (NRE) deposits, the Reserve Bank of India has said that interest rate on fresh repatriable non-resident Indian (NRI) deposits accepted by non-banking financial companies (NBFCs) should not exceed LIBOR or SWAP rate for dollar.

The changes, which came into effect from close of business on April 17, would also apply to renewed repatriable NRI deposits after their present maturity period, RBI said in a release here today.

PTI

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