Wednesday, June 15, 2011

BANKS CANNOT PROVIDE LOANS AGAINST IDRs: RBI

The Reserve Bank of India (RBI) has said that banks cannot extend loans against Indian Depository Receipts (IDRs) issued by overseas companies. An Indian Depository Receipts (IDRs) is a rupee
denominated instrument in the form of a depository receipt created by an Indian Depository against the underlying equity of the issuing foreign company.

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