Foreign banks allowed to lend in Indian rupees
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The Reserve Bank of India on Wednesday said all recognised non-resident External Commercial Borrowing (ECB) lenders can extend loans in Indian Rupees by mobilising Indian Rupees through swaps undertaken with a bank authorised to deal in foreign exchange in India.
This relaxation is with a view to providing greater flexibility for the structuring of external commercial borrowing arrangements. At present all eligible borrowers are eligible to raise ECB only in Indian rupees from their foreign equity holders. (The Hindu Business)
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