CORE INVESTMENT COMPANIES NEED RBI NOD TO INVEST OVERSEAS

The Reserve Bank of India (RBI) has said that all core investment companies (CICs) wanting to invest overseas in the financial sector will have to take its prior approval. These directions will be applicable to all CICs (whether registered with RBI or exempted from registration) that intend to invest overseas in the financial sector. The Reserve Bank of India (RBI) has said that the total overseas investment by core investment companies (CICs) in the financial sector should not exceed 200 per cent of their owned funds.