According to reports, at a time when the rupee is under pressure, the Bank of India is stepping up scrutiny of domestic companies' large overseas investments to curb capital outflows. India's “Economic Times” quoted two people familiar with the matter, who did not wish to be named, as reporting that the Bank of India issued a standardized checklist to major banks last week, requiring them to provide details on two types of investments: one is OFDI over 1 billion US dollars, and the other is projects where the transaction amount exceeds the regulatory limit of four times the net assets of the investing company. The move comes at a time when the Bank of India is stepping up its efforts to defend the rupee. The rupee has fallen by more than 5% this year due to continued demand for dollars and capital outflows.

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