Reserve Bank of India Governor D Subbarao on Saturday confirmed that the apex bank is working on its roadmap to make the rupee fully convertible on capital accounts.    

Speaking at the RBI organized first international research conference, Subbarao said that the Reserve Bank is not stepping away from full capital account convertibility. It's just that the regulator is going through the details of the roadmap.

The three-phased RBI plan for full convertibility of the local currency allows higher two way movement of capital in form of rupee, which is quite restricted currently. RBI plans to be more flexible in application of control tools to achieve full convertibility.

Rupee was made fully convertible on current account way back in 1994 allowing conversion of rupee into foreign currencies for trade-related issues. Once it's allowed on capital account many activities like acquiring assets abroad would become a lot easier. This would also be very helpful in generating higher investments.

The financial sector would be the biggest gainer of the event as flow of higher investment to the particular sector would also bring in a lot of efficiency and thus a healthy competition.