Question
In order to curb any evergreening exposure by banks, RBI
has laid out guidelines for investment by banks in AIFs. As per the guidelines, banks, including its group entities, can have exposure of up to _____ in Category I or Category II AIF scheme, without prior approval of RBI.Solution
• A bank group may make an investment of less than 20% in the corpus of Category I or Category II AIF scheme, without prior approval of RBI • A bank group may make an investment of 20% or more but not exceeding 30% in the corpus of Category I or II AIF scheme, with prior approval of the Reserve Bank. • No bank shall make any investment in the corpus of Category III AIF scheme. Investment by a bank’s subsidiary in the corpus of Category III AIF scheme shall also be restricted to the regulatory minima prescribed by SEBI. • Additionally, banks shall ensure that their exposure in an investee company through their investments in AIF schemes does not result in circumvention of any regulations applicable to banks. • No bank shall make an investment of more than 10% in the unit capital of a Real Estate Investment Trust/Infrastructure Investment Trust within the overall ceiling of 20% of the bank’s net worth permitted for all direct investments in shares, convertible bonds/ debentures, units of equity-oriented mutual funds and exposures to AIFs.
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