Union Cabinet’s nod to RBI for buying $4.3 bn World Bank bonds

The Reserve Bank of India (RBI) was given nod by the Union Cabinet to invest $4.3 billion in special bonds of the World Bank as it would help in securing extra funding from the multilateral lending agency for infrastructure development projects.

How would this move benefit?

With this decision, RBI will be able to sign a special private placement bond agreement with the International Bank for Reconstruction and Development, the World Bank’s lending arm, which will provide additional borrowing space.

Month: Current Affairs - September, 2013