RBI gives nod to banks to borrow from international/ multilateral financial institutions

Posted by: Religare
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RBIallows banksto borrow from foreign financial institutions
The regulatory body, Reserve Bank of India, has given its nod to the banks to borrow from international/multilateral financial institutions for a limited period of up to November 30, said the media report.

"Such borrowings should be for the purpose of general banking business and not for capital augmentation," RBI said in a statement.

According to the central bank, such borrowings shall be eligible for the concessional swap facility of RBI, added the media report.

Earlier, RBI had allowed banks to borrow from their head office of overseas branches or correspondents outside India up to hundred per cent of its unimpaired Tier-I capital or $10 million, whichever is higher.

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