........Late in the evening, the RBI accompanied its step of moderating outflows by taking another measure to encourage more inflows from NRIs. It deregulated interest rates on non-resident (external) rupee (NRE) deposits and ordinary non-resident (NRO) Accounts. According to the current rules, interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee deposits. The RBI also waived the requirement under which banks must maintain cash reserve ratio and statutory liquidity ratio on Foreign Currency Non-Resident Bank [FCNR (B)] and Non-Resident (External) Rupee (NRE) deposits...........
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