Can a loan be given to third parties in India on the security on NRO/NRE/FCNR (B) deposits

Question: Can a loan be given to third parties in India on the security on NRO/NRE/FCNR (B) deposits?

Answer(s)

Raju Kanumuri: The loan cannot be given to third parties against such deposit. However, the account holder can avail a loan for the self and then can transfer funds to the third party.

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