India : RBI eases rules for external commercial borrowings

MUMBAI Indian companies will need to submit for approval plans to issue external commercial borrowings only when they are above a certain threshold limit to be fixed from time to time, the Reserve Bank of India said on Thursday.

The decision was taken “with a view to rationalizing and expediting the process of giving approval,” the RBI said in a statement.

Previously, all ECBs under the approval route needed prior RBI approval.

(Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam and Subhranshu Sahu)