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RBI reases NRI deposit rate norms
The Reserve Bank of India (RBI) on Wednesday temporarily relaxed interest rate restrictions on certain non-resident deposits, giving banks greater flexibility to offer higher returns on fresh FCNR(B) and NRE deposits in a move that could help attract overseas funds and strengthen foreign exchange inflows.Under the amended directions, the RBI has withdrawn the interest rate ceiling on fresh Foreign Currency Non-Resident (Bank), or FCNR(B), deposits with maturities of more than three years and up…
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