RBI curtails lending loans on NRE deposits
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The Reserve Bank of India had instructed all the banks not to lend more on the commercial realty ventures taking the present boom into consideration and said in the press note that, the boom is like a bubble in the water pond and might explore any moment. So in this regard, as reported by the sources to the www.propertykhazana.com RBI was also instructed all the banks for issuing the loans for the NRE and FCNR (B) deposits to the NRI’s. Further the banks all over the country has now taken measures to limit the liquidity and abridged the rates for the NRE and FCNR account deposits.
Fallowing the instructions of the RBI, banks were able to control the funding for the NRE account holders and also are successful in minimizing the flow of investments in the realty as well at the Dalal Street. prior to this there was a overflow of funds in the realty market and the banks credit flow was exceeding more than 30% on commercial realty projects and to manage the situation RBI further revised the repo rates and risk rates were also increased. SO by this now there is a disparity at the nation’s growth rate. Meantime, as said by the sources to the www.propertykhazana.com the retail lending’s has touched 35%.
When there is big boom in the realty market the industrial and agriculture sector was totally neglected which only made the economy grounds of India stronger and RBI was concerned with the issue and promoted for the investments in these sectors other than the realty.
Source: NIMMA BENGALURU
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