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As the rupee comes under pressure, India's central bank is tightening its scrutiny of large overseas investments by domestic companies as part of an effort to curb capital outflows, according to reports.
Citing two unnamed people familiar with the matter, India's Economic Times reported that the Reserve Bank of India last week sent a standardized checklist to major banks, requiring them to provide detailed information on two categories of investments: foreign direct investments exceeding US$1 billion, and projects whose transaction value exceeds four times the investing company's net assets, which is a regulatory threshold.
The move comes as India's central bank steps up efforts to defend the rupee. Weighed down by persistent US dollar demand and capital outflows, the rupee has fallen more than 5% so far this year.
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