MANU/APDR/0018/2016
Ministry : Reserve Bank of India
Department/Board : RBI A.P. DIR (Series)
Circular No. : A. P. (DIR Series) Circular No. 56
RBI/2015-2016/349
Date : 30.03.2016
Notification/ Circulars Referred : A.P. (DIR Series) Circular No.32 dated November 30, 2015 MANU/APDR/0091/2015;A.P. (DIR Series) Circular No. 48 dated September 18, 2013 MANU/APDR/0133/2013
Citing Reference:
A.P. (DIR Series) Circular No.32 dated November 30, 2015 MANU/APDR/0091/2015 Referred
A.P. (DIR Series) Circular No. 48 dated September 18, 2013 MANU/APDR/0133/2013 Referred
To
All Category-I Authorised Dealer Banks
Madam / Sir,
External Commercial Borrowings (ECB) - Revised framework
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.32 dated November 30, 2015 and paragraph no. 1.8, 2.2, 2.4.1, 2.4.2, 2.4.5, 2.4.6, 2.5, 2.16 and 2.16.xiii of
Master Direction No.5 dated January 1, 2016 on External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers.
2. Taking into account prevailing external funding sources, particularly for long term lending and the critical needs of infrastructure sector of the country, the extant ECB guidelines have been reviewed in consultation with the Government of India. Accordingly, it has been decided to make the following changes in the ECB framework:
i. Companies in infrastructure sector, Non-Banking Financial Companies -Infrastructure Finance Companies (NBFC-IFCs), NBFCs-Asset Finance Companies (NBFC-AFCs), Holding Companies and Core Investment Companies (CICs) will also be eligible to raise ECB under Track I of the framework with minimum average maturity period ........