India's top banks including State Bank of India, HDFC Bank and Axis Bank have walked back on capital commitments made to private equity and venture capital funds to avoid falling foul of a recent central bank circular on alternative investment funds (AIFs), three people familiar with the matter said. The development has rattled around 100 funds, the people said, putting a question mark over AIFs operating in a range of sectors including startup funding and buyout finance.
In December, the Reserve Bank of India (RBI) asked banks and non-bank lenders to sell investments in AIFs linked to their debtor companies. PE and VC funds raise significant amounts from domestic banks through AIFs, which they invest in companies across sectors. Once a fund manager finalizes an investment, a capital call is made - a request to draw down the promised money.
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