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The Reserve Bank of India (RBI) has, since 2015, been liberalising foreign investment in offshore rupee-denominated debt raised by Indian firms. In September 2015, it allowed Indian companies to issue rupee-denominated bonds that could be traded offshore (popularly called masala bonds). Before this, foreigners could subscribe to onshore rupee-denominated bonds through Sebi-registered foreign portfolio investors (FPIs) only. In November 2015, the RBI issued a more liberal external commercial borrowings (ECB) framework, governing Indian firms raising foreign debt. The RBI has also been gradually increasing the limit on FPI investment in onshore rupee-denominated debt. However, on June 7, the RBI announced
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