The RBI has instructed banks not to facilitate such structures as it is not permitted under current regulations.
Experts believe this is tantamount to an informal advisory and it would be prudent for the apex bank to issue a formal clarification and FAQs on the matter.
An email sent to RBI did not get a response.
India reportedly has 250-300 family offices, with average assets under management of $100 million each. Prominent businessmen who have family offices include Ratan Tata, Azim Premji and NR Narayana Murthy.
This story is from the March 15, 2023 edition of Financial Express Mumbai.
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This story is from the March 15, 2023 edition of Financial Express Mumbai.
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