| Date: |
18-01-2003
|
| Notification No: |
RBI Notification No 60/2003
|
| Issuing Authority: |
RBI
|
| Type: |
Notification
|
| File No: |
|
| Subject: |
Lending to Priority Sector
|
|
Lending to Priority Sector
RPCD.
CO. Plan. BC 60 - 04.09.09 - dated 18th January 2003
Please
refer to our circular No. RPCD. Plan. BC.38/ 04.09.09/ 94-95 dated September 22,
1994 advising, inter alia, the rate of interest payable to foreign banks
on deposits placed with Small Industries Development Bank of India (SIDBI) to
make good the shortfall in achieving the priority sector lending target / sub
targets, as on the last reporting Friday of March.
2.
Keeping in view the declining interest rates as also the cost of funds of
foreign banks, it has been decided to fix the interest rate on such deposits to
be placed by foreign banks with SIDBI at the end of March 2003 at 6.75% per
annum. All other instructions contained in the earlier circular dated September
22, 1994 remain unchanged.
3.
Please acknowledge receipt.
|
|
|