FCNR-backed loans exempt from priority sector
Mumbai: Bank loans given against fresh foreign currency non resident (bank) (FCNR (B)) deposits raised between June 8 and September 30 will not be included in the net bank credit and will hence be exempted from mandatory priority sector calculations, RBI said in a notification.Advances against NRE term deposits raised by banks between June 19 and September 30 will also be excluded from these calculations, RBI said.The RBI had earlier also provided an exemption to banks from maintenance of cash reserve ratio (CRR) and statutory liquidity ratio (SLR) on fresh FCNR (B) deposits including deposits