Residents can refund home loans of NRI kins, RBI

MUMBAI: The Reserve Bank of India (RBI) has issued new provision, according to that provision residents are allowed to refund home loans of their close Non Residential Indians (NRI) relatives or People of India Origin (PIO).
The RBI has announced that “it has been decided that where an authorised dealer (bank) in India has granted loan to a non-resident Indian, so in these cases from now onwards citizens of country can refund their close relative of NRI by crediting the borrower’s loan account through the bank account of such relative.”
Whereas, the announced provision is restrained only for housing finance, it noted. However, I different circular the central bank has permitted to residents individuals for repayment of medical expenses of their NRI relatives, who are on visit to India.
Presently, a resident individual can pay bills of their NRI kins for boarding, lodging, travel to and from and across the India.

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