India mulls sovereign wealth fund

The government of India has decided to set up a "wholesale banking company" - its own version of a sovereign wealth fund - in a separate country with a mature financial system, according to reports in the Indian media.

It is reported that the government along with the Reserve Bank of India have short-listed two possible locations - Singapore or London - where this new finance company would be located.

The company would use a portion of the country's foreign exchange reserves to finance both b