According to the press report, Reserve Bank of India has said that the non-resident Indians those who are stated in the foreign countries, can maintain the account in the India as a non resident accounts which can be maintained in any type of currency which is fully convertible.
RBIs action toward this policy is mainly to benefit the NRIs or Persons of India Origin to hold the account in accordance with their own options and reduce the risk of depositors from currency. Foreign currency non-resident (FCNR- B) accounts were allowed to hold the amount only in certain currencies like Pound Sterling, US dollar, Japanese yen, euro, Canadian dollar and Australian dollar before the adoption of this policy. Reports said that authorized Dealer Banks in India has now been permitted to accept the foreign currency (Non Resident) account (bank) in any authorized currency.
The RBI has recently hiked the key policy rates which have made it mandatory for banks to hike their lending rates. The hike in lending rates has made home loan and other retail loans dearer to the borrowers.