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Can loans/ overdrafts be given to third parties against the collateral/ security of NRI deposits in India?

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Can loans/ overdrafts be given to third parties against the collateral/ security of NRI deposits in India?

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Loans to third parties are allowed against the collateral/ security of NRI deposits subject to fulfilment of certain formalities. Loans/ overdrafts cannot be given for carrying on agricultural/ plantation activitiess or for investment in real estate business.

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