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RBI allows banks to raise Masala bonds, opens up currency market

The central bank authorises the platform for repo in corporate bonds and encourage credit supply for large borrowers through market mechanism

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Rbi

Anup Roy  |  Mumbai 

The Reserve Bank of India (RBI) on Thursday allowed banks to raise capital through Masala bonds in the overseas market, and said it would seek legal amendments to allow banks borrow from the central bank pledging corporate bonds, or corporate bond repo.

The central bank allowed resident individuals to maintain greater open positions in the currency market and lifted some of the restrictions on hedging in the currency market, essentially opening up India’s closely guarded currency market, and perhaps bringing and element of speculation in the exchange rate. “Reserve ...

First Published: Thu, August 25 2016. 18:22 IST
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