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November 2013

A. P. (DIR Series) Circular No. 61 dated 10th October, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Overseas Foreign Currency Borrowings by Authorised Dealer Banks

Presently, banks can borrow funds from their Head Office, overseas branches and correspondents and also avail overdraft in the nostro accounts up to a limit of 100% of their unimpaired Tier I capital as at the close of the previous quarter or INR618 million (or its equivalent), whichever is higher (excluding borrowings for financing of export credit in foreign currency and capital instruments).

This circular, in addition to the above lenders, permits banks to borrow from any other entity as permitted by RBI up to hundred per cent of its unimpaired Tier I capital or INR618 million, whichever is higher, subject to such conditions as may be

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