Mumbai: The Reserve Bank of India on Tuesday released draft guidelines on the issuance of rupee-linked bonds overseas on which it plans to cap coupons at 500 basis points above similar maturity government bonds.
Banks in India will not have access to these rupee-denominated offshore bonds "in any manner", the central bank said in a statement on its website.
In addition, International Financial Institutions, of which India is a shareholding member, will not require prior permission for the issuance of rupee bonds overseas irrespective of amount of issuance, the RBI said.
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