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of <h1>Regional Rural Banks Can Now Accept FCNR(B) Deposits from NRIs and PIOs Following 2007-08 Union Budget Announcement.</h1> Regional Rural Banks (RRBs) are now authorized to accept Foreign Currency (Non-Resident) Account (Banks) [FCNR(B)] deposits from Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), as announced in the 2007-08 Union Budget. Previously, only Authorised Dealer Category - I banks could accept such deposits. RRBs must seek authorization from the Foreign Exchange Department and may accept deposits in various currencies, including USD, GBP, and Euro. RRBs should collaborate with sponsor banks to manage foreign currency risks and transactions. Reporting requirements and operational details are to be mutually agreed upon with sponsor banks. Amendments to relevant regulations will be notified separately.
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