RBI LIBERALISES PSU INVESTMENT NORMS IN OVERSEAS OIL SECTOR

The Reserve Bank of India (RBI) has decided to further liberalise and simplify procedures to enable Navaratna Public Sector Units (PSUs) to invest in ‘unincorporated’ oil sector entities, under the automatic route. Accordingly, banks may allow remittances of Navaratna PSUs made towards such oil sector investments.