RBI relaxes overseas direct investment norms

The Reserve Bank of India (RBI) has eased its overseas direct investment norms by waiving the need for Indian entities to seek its approval to open foreign currency accounts abroad.

The norm has been liberalised to provide operational flexibility to Indian entities, the central bank said in a statement on Monday.

However, all other norms required to open, hold and maintain foreign currency accounts for overseas investment remain unchanged, the statement said.