The RBI will shortly allow banks to lend directly out of their Foreign Currency Non Resident (FCNRB) deposits in foreign currency in the market, waiving the existing export clause, Inflation rate shoots up to 5.17% The annual rate of inflation zoomed to a seven month high of 5.17% for the week ended July 13, gaining 0.95% during the last two weeks of July, showing the first Symptoms of the aftermath of the fuel price hike.
Article extracted from this publication >> July 31, 1996
