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RBI raises VRR limit for FPIs to Rs 1.50 lakh crore

Date: 24-01-2020
Subject: RBI raises VRR limit for FPIs to Rs 1.50 lakh crore
Mumbai: The Reserve Bank of India on Thursday revised the investment limit under the Voluntary Retention Route (VRR) for investments by foreign portfolio investors (FPIs) to Rs 1,50,000 crore from Rs 75,000 crore earlier, and the revised scheme will be open for allotment from Friday.

RBI had introduced VRR in March 2019, to enable FPIs to invest in debt markets in India. Broadly, investments through the route will be free of the macro-prudential and other regulatory norms applicable to FPI investments in debt markets, provided FPIs voluntarily commit to retain a required minimum percentage of their investments in India for a period.

Participation through this route is entirely voluntary. An amount of Rs 75, 000 crore was offered for investment in two tranches so far.

As on December 31, around Rs 54,300 crore has already been invested under the scheme. The investment limit available for fresh allotment will accordingly be Rs 90,630 crore (net of extant allotments and adjustments); and will be allotted under the VRR–Combined category. The minimum retention period shall be three years.

Investment limits shall be available ‘on tap’ and allotted on ‘first come, first served’ basis, and the ‘tap’ shall be kept open till the limit is fully allotted, RBI said in a release.

FPIs may apply for investment limits online to Clearing Corporation of India (CCIL) through their respective custodians, it added. CCIL will separately notify the operational details of application process and allotment.

Source: economictimes.indiatimes.com

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