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of <h1>RBI Allows Indian Companies to Offer Rupee Loans to NRI/PIO Employees for Personal Use, Including Housing Purchases.</h1> The Reserve Bank of India has issued a circular granting general permission for Indian companies to provide rupee loans to their Non-Resident Indian (NRI) or Person of Indian Origin (PIO) employees. These loans are intended for personal purposes, including purchasing housing property in India, and must comply with the company's existing staff welfare or housing loan schemes. The loan amount should be credited to the borrower's Non-Resident Ordinary (NRO) account, and repayment must be made from outside India or through the borrower's NRE/NRO/FCNR account. Amendments to relevant notifications have been issued to reflect these changes.
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