Easing the norms for accessing foreign funds, the Reserve Bank of India (RBI) on Thursday allowed banks to borrow from international financial institutions for general banking business without seeking its permission. The RBI said in a circular in Mumbai in order to provide greater flexibility in overseas funding, it has been decided to permit banks to borrow from international/multilateral financial institutions without approaching RBI for a case by case approval.The RBI further said the flexibility has been provided for international and multilateral financial institutions of which Indian Government is a shareholding member or which have been established by more than one government or have shareholding by more than one government and other international organisations. The Apex Bank added that such borrowings should be for the purpose of general banking business and not for capital augmentation.In another circular, the RBI allowed all non-deposit taking NBFCs to act as sub-agents under Money Transfer Service Schemes (MTSS) without seeking prior approval. Deposit accepting non-banking financial companies (NBFCs) are however, not permitted to undertake such activity. As per a August 2014 circular, NBFCs desirous to act as sub-agents under the MTSS required prior approval of the RBI.