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of <h1>RBI Approves SBI to Launch India Millennium Deposits; Loans Allowed with Restrictions Under RBI Rules.</h1> The Reserve Bank of India has authorized the State Bank of India to launch the India Millennium Deposits (IMDs) scheme. Authorized dealers can provide loans in non-repatriable rupees to IMD holders for personal and business purposes, excluding relending, agricultural, plantation, or real estate activities. Loans for acquiring immovable property by NRIs are allowed under specific conditions, including full security by deposit value, adherence to RBI regulations, and repayment from remittances or deposit maturity. Loans can also be provided for direct investment in India on a non-repatriation basis. No foreign currency loans are permitted against IMDs. Compliance with the Foreign Exchange Management Act is mandatory.
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