RBI chokes India’s offshore loan mart to weaken rupee

India’s central bank announced a series of capital controls on Tuesday that look set to complicate foreign currency lending in the country and have left many Asian loan bankers concerned about future Indian deal flow.

  • 10 Aug 2007

The Reserve Bank of India announced on Tuesday that any company wishing to borrow more than $20m offshore in one year would be unable to repatriate the funds back to India. Previously the RBI had set a limit of $500m a year.

Borrowings over $20m must be kept ...

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