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ARTICLE · 19 JUNE 2024

AKP Banking & Finance Digest- June 17, 2024

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Reserve Bank of India ("RBI") has issued a circular, addressing Category-I Authorised Dealer Banks regarding amendments to the Foreign Exchange Management (Overseas Investment) Directions, 2022.

GlobalFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI updates foreign investment regulations

Reserve Bank of India (“RBI”) has issued a circular, addressing Category-I Authorised Dealer Banks regarding amendments to the Foreign Exchange Management (Overseas Investment) Directions, 2022. The amendments primarily focus on investments in overseas funds, clarifying regulations governing investment funds across jurisdictions. Notable changes include revised definitions of investment funds overseas and expanded eligibility criteria for making overseas portfolio investments. RBI

1.1.2. RBI amends bulk deposit definition for banks

RBI has amended the definition of "Bulk Deposit" for Scheduled Commercial Banks, Small Finance Banks, and Local Area Banks. Effective immediately, "Bulk Deposit" now mean single rupee term deposits of INR 3,00,00,000 Indian Rupees Three Crore only) and above for Scheduled Commercial Banks and Small Finance Banks, and INR 1,00,00,000 (Indian

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