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(From Business Line)
from BUSINESS LINE, November 01, 2006 Mumbai, Oct. 31 - The Reserve Bank of India has enhanced the borrowing limits of banks from their overseas branches. They can now borrow funds up to a limit of 50 per cent of their tier I capital or $10 million (whichever is higher) from their overseas branches and correspondent banks. This includes borrowings for financing export credit, ECBs and overdrafts from their head office (HO) or nostro accounts. The earlier overall limit had been 25 per cent excluding borrowings for export credit
Mr V.P. Shetty, Chairman, IDBI, said it was a good move particularly since project lending is on and investment …