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of <h1>RBI Allows Banks to Open Rupee Escrow Accounts for FDI Without Prior Approval, Subject to FEMA and SEBI Rules.</h1> The Reserve Bank of India permits Category-I Authorized Dealer banks to open non-interest bearing Escrow accounts in Indian Rupees for Foreign Direct Investment (FDI) transactions without prior approval. These accounts facilitate share purchase transactions by allowing due diligence before finalizing agreements. SEBI-authorized Depository Participants can also open Escrow accounts for securities. The accounts must comply with FEMA provisions and SEBI regulations, and can be operated for a maximum of six months unless extended with RBI approval. The accounts can receive foreign remittances for share transactions and allow refunds if transactions fail, with compliance to KYC guidelines required.
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