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RBI refuses a dozen licences to NBFCs with investments from Mauritius

PE, VC funds domiciled in the island nation on the radar

Topics
Reserve Bank of India RBI | Foreign Direct Investment FDI | Mauritius

Ashley Coutinho & Shrimi Choudhary  |  Mumbai/New Delhi 

The Reserve Bank of India (RBI) is scrutinising foreign direct investment (FDI) in non-banking financial companies (NBFCs) routed through private equity (PE) and venture capital (VC) funds domiciled in Mauritius, and has rejected at least a dozen applications for greenfield investments or acquisitions.

The RBI is of the view that it cannot carry out satisfactory due diligence for granting registration because the funding is from a jurisdiction that has been identified by the Financial Action Task Force (FATF) as having weak measures to combat money laundering and terrorist ...

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First Published: Wed, May 20 2020. 03:08 IST
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