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of <h1>RBI Allows Banks to Approve Lender Changes for External Commercial Borrowings; Simplifies Process for Eligible Institutions.</h1> The Reserve Bank of India has delegated powers to Authorized Dealer Category-I banks to approve changes in lenders for existing External Commercial Borrowings (ECBs) when the original and new lenders are international or multilateral financial institutions, regional financial institutions, government-owned development financial institutions, export credit agencies, or equipment suppliers. This decision simplifies the procedure, provided the new lender meets ECB norms, and there are no changes to other terms. Changes involving foreign equity holders or collaborators still require Reserve Bank approval. These modifications are effective immediately, while other ECB policy aspects remain unchanged.
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