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Journalism of Courage
The Reserve Bank has allowed resident individuals to repay housing loans in rupee on behalf of their close relatives,who are non-resident Indians (NRIs) or People of Indian origin (PIO).
“..It has been decided that where an authorised dealer (bank) in India has granted loan to a non-resident Indian…,such loans may also be repaid by resident close relative of the non-resident Indian by crediting the borrower’s loan account through the bank account of such relative,” the apex bank said in a notification.
However,this repayment facility is restricted to housing loan only,it noted.
In another circular,the central bank allowed resident individuals to pay for medical expenses of their non-resident close 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 within India.
