Relaxation in ECB Loan guidelines continues
RBI has been relaxing ECB guidelines from time to time to make it moiré relevant and user friendly in changing business environment and market dynamics
On 3rd September it has allowed all recognized non-resident ECB lenders to extend loans in rupees by mobilizing funds through swaps undertaken with banks in India.
Earlier, borrowers were eligible to raise ECB in rupees only from their foreign equity holders.
For the purpose of executing swaps for ECBs denominated in rupees, the recognized ECB lender, if it desires, may set up a representative office in India following the prescribed process, the RBI said.
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