The Reserve Bank of India (RBI) on Wednesday provided more flexibility for structuring of external commercial borrowing (ECB) arrangements.
All recognised non-resident ECB lenders may now extend loans in rupees by mobilising 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 recognised ECB lender, if it desires, may set up a representative office in India following the prescribed process, the RBI said.
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