Response to this Question

    Banks in India can lend to NRIs for any bonafide purpose (other than investment in capital market and for prohibited business activities viz. agriculture, plantation. chit fund/ nidhi, trading in TDR) against any acceptable security based on their commercial judgement. Banks can even lend outside India to NRIs trough their overseas branches/ correspondents against securities provided in India. Other residents cannot lend to NRIs in general.

Date : 27-Nov-2019 

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