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Business News » India News

RBI gives Indian banks the go-ahead to issue masala bonds

RBI said issuance of such bonds will help develop the market of rupee-denominated bonds overseas and also to provide an additional avenue to raise capital/long-term funds for Indian banks.

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RBI gives Indian banks the go-ahead to issue masala bonds
RBI Governor Urjit Patel addresses a press conference in Mumbai after the monetary policy review meeting on Tuesday. PTI Photo by Shashank Parade

The Reserve Bank of India (RBI) on Thursday said Indian banks can issue masala bonds or rupee-denominated bonds issued overseas to augment their capital and long-term funds.

In a statement, the RBI said issuance of such bonds will help develop the market of rupee-denominated bonds overseas and also to provide an additional avenue to raise capital/long-term funds for Indian banks.

The banks can issue perpetual debt instruments qualifying for inclusion as additional tier 1 capital and debt capital instruments qualifying for inclusion as tier 2 capital and long-term rupee-denominated bonds overseas for financial infrastructure and affordable housing.
 

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TAGS:
Reserve Bank of India (RBI)Masala BondsIndian banksBondsBanksEconomy
Written By: IANS
Updated: Thu, Nov 03, 2016
08:35 pm
Chennai, IANS
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