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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Central Bank RBI objects sovereign wealth fund

Posted on 21 July 2011

India is considering setting up a sovereign wealth fund with more than $10 billion in assets to buy energy assets abroad to feed growing domestic demand. But the sources said the plan to create the country’s first sovereign wealth fund (SWF) was still at an early stage amid concerns from the central bank about setting aside part of the country’s foreign exchange reserves for the scheme.
India’s foreign exchange reserves stood at more than $314 billion as on July 8. A senior official at the Reserve Bank of India , meanwhile, said the central bank was worried about financing a sovereign wealth fund, given the large amounts of capital the country needs to fund a massive current account deficit……………………………………….Full Article: Source


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