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 ........