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April 20, 2002 | 1320 IST
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RBI notification on OBUs likely by May 15

A Reserve Bank of India notification allowing overseas banking units to operate in special economic zones is expected by May 15.

A foreign bank that has received a licence to operate a bank in India could set up an OBU in the special zones, sources said.

The OBUs would be exempt from CRR and SLR, and give access to SEZ units and SEZ developers to funds at international rates.

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