MUMBAI (Reuters) - 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.
For more details on the circular, please see (http://bit.ly/1B3i6XB)
(Reporting by Abhishek Vishnoi and Suvashree Dey Choudhury)
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