The Reserve Bank of India (RBI) on 19 December 2023 issued a circular (Circular) imposing restrictions on (i) all commercial banks (including small finance banks, local area banks and regional rural banks), (ii) all primary (urban) co-operative banks/state co-operative banks/ central co-operative banks, (iii) all India financial institutions, (iv) all non-banking financial companies (including housing finance companies) (Regulated Entities or RE(s)) with respect to their investments in alternative investment funds (AIF(s)).
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