RBI opposes fund from forex reserves

The Reserve Bank of India (RBI) has opposed the creation of a $20-billion sovereign wealth fund, for acquisition of energy assets overseas, out of forex reserves and wants the government to create the corpus for it from the Budget.

The Reserve Bank of India (RBI) has opposed the creation of a $20-billion sovereign wealth fund, for acquisition of energy assets overseas, out of forex reserves and wants the government to create the corpus for it from the Budget. A GoM headed by finance minister Pranab Mukherjee on Thursday discussed possible ways of creating a fund on the lines of ones that exit in countries like China.