NEWS & ADVICE : PERSONAL LOAN
RBI permit banks to seek help from oversees
By Vaibhav Aggarwal
Sep 12, 2013
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The RBI or Reserve Bank of India has now given permission to banks to seek the help of oversees financial institutions with banking shares. They can opt to borrow around 100% of the capital while swapping it at rates which are subsidized.

Almost all the banks in the public sector like Oriental Bank of Commerce, Union Bank of India, UCO Bank, Syndicate Bank, and Dena Bank have gone up by 5-10% on BSE and Banks like Central Bank, Overseas Bank, United Bank of India, Allahabad Bank and Andhra Bank have gone up by 4%. As per the notification and new norms, The RBI has permitted the facility to swap term deposits which are in denominations of dollars between 1 to 3 years at a 1% concessional rate of the market value.

This option will be open until November end of this year. They would need to seek the clearance of the board as well as minimum 12% CRAR at least. In the meantime, banks of the private sector like HDFC, Kotak Mahindra, ICICI Bank and Yes Bank are making a trade that is lower than 2% on BSE as of 1140 hours.


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