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External Commercial Borrowing
EligibilityAs per RBI guidelines, resident borrowers.
Amount of LoanECBs can be raised upto USD 500 millions
RepaymentUpto 20 million USD - minimum average matuity peiod of 3 yeas.
Above 20 million and upto 500 million USD - minimum average maturity period of 5 years.
Salient FeaturesResident borrowers can raise external commercial borrowings (ECB) from recognised international financial institutions.
Other Requirements/DetailsECBs are classified under two heads : 1. Automatic Route and 2. Apporval Route.
ECB under approval route are to be forwarded to RBI, Mumbai.
Norms to be observed :
While processing the form ECB, branches must ensure the following :
The form ECB is submitted alongwith form 83 in duplicate, duly certified by the Company Secretary or Chartered Accountant for allotment of loan registration number.
Identity of the customer is to be established as per KYC norms, as spelt out in HO:O&M circular No.24/2003-04 dated 25/02/2004.
Bonafides of the transaction are verified.
Overseas lender talls under any of the recognised categories as rescribed by RBI.
Necessary caution is exercised so that the transaction complies with Anti money laundering norms.
Prior approval from the Circle Head is to be obtained before forwarding the application to RBI.
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