Search the Internet          Tips  Sites: Finance, Investment

RBI tells banks not to delay Gujarat flows

The Reserve Bank of India said that it has asked authorised dealers in foreign exchange to quickly disperse inward remittances for the earthquake that ravaged Gujarat.

The RBI said it had asked banks to ensure immediate credit of such payments to the account of the beneficiaries.

The devastating earthquake on Friday, which measured 7.9 on the Richter scale, is believed to have killed 20,000 people and left thousands homeless

An influential business lobby, the Federation of Indian Chambers of Commerce and Industry (FICCI), put building and construction losses across Gujarat at about Rs 150 billion.

Finance Minister Yashwant Sinha said on Sunday that the quake damage will have an impact on the economy and the funding requirement for reconstruction would be enormous.

He said India was seeking $1.5 billion in assistance from international funding agencies.

Earlier on Saturday, the RBI relaxed all limits on advances through the ways and means system, and overdraft regulations for the quake-hit state.

RELATED REPORTS:

The RD Killer Quake: Complete coverage on rediff

EXTERNAL LINKS

The RD Killer Quake of Jan 26, 2001: Technical details

A post-quake volunteer's unusual tryst with the departed

All about earthquakes in India and their impact

India Meteorological Department's earthquake reports

Disaster relief set-up in India

Major earthquakes across the world in recent times

Earthquake News: Comprehensive news, information and features

Tell us what you think of this report