RBI asks Cooperative banks to follow the revised FCNRs rates

Mumbai, Apr 1 (UNI) Reserve Bank of India (RBI) has asked cooperative banks to implement the revised foreign currency non-resident (FCNR) Bank deposits for non-resident Indians (NRIs) from March 28 this year.

In a notification, RBI said, ''It was decided that in respect of FCNR(B) deposits of all maturities contracted effective close of business in India on March 28, interest shall be paid within the ceiling rate of LIBOR/SWAP rates for the respective currency or corresponding maturities''.

On floating rate deposits, RBI said, interest shall be paid within the ceiling of SWAP rates for the respective currency/maturity. For floating rate deposits, the interest reset period shall be for six months.

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