2. It has been decided that the interest rate ceiling on lines of credit with overseas banks will continue to be six months LIBOR / EURO LIBOR / EURIBOR plus 250 basis points till further orders.
3. A directive DBOD.DIR.BC.No.45/04.02.001/2012-13 dated September 27, 2012 issued in this regard isenclosed.
(Sudha Damodar) Chief General Manager
DBOD.DIR.BC.No. 45 /04.02.001/2012-13
September 27, 2012
Interest Rate Ceiling on Lines of Credit with Overseas Banks
In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do hereby directs that, in continuation of directiveDBOD.DIR.BC.No.90/04.02.001/2011-12 dated March 30, 2012, the prescription regarding the interest rate ceiling on overseas line of credit will continue till further orders.