The Reserve Bank of India (RBI) is against the establishment of a $20 billion sovereign wealth fund (SWF) out of the country’s foreign exchange (FX) reserves, Economic Times reports. The central bank, which holds $300 billion in forex reserves, wants the fund to be created from the government’s budget instead. The issue was discussed on Thursday during a meeting of ministers chaired by Finance Minister Pranab Mukherjee. The proposed SWF is aimed at acquisition of foreign energy assets for long-term security purposes.

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