With a view to providing greater flexibility for structuring of External Commercial Borrowings (ECB) arrangements, it has been decided that all recognised non-resident ECB lenders may extend loans in Indian Rupees by mobilising Indian Rupees through swaps undertaken with an Authorised Dealer Category I bank in India in terms of A.P. (DIR Series) Circular No. 25 dated September 03, 2014. At present all eligible borrowers are eligible to raise ECB in Indian Rupees only from their foreign equity holders.

Alpana Killawala
Principal Chief General Manager

Press Release : 2014-2015/476