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of <h1>IFCs Can Avail ECBs Up to 50% of Funds Automatically; Approval Needed Beyond That, Fully Hedge Currency Risk.</h1> The circular addresses the External Commercial Borrowings (ECB) policy for Infrastructure Finance Companies (IFCs). It highlights that Non-Banking Finance Companies (NBFCs) classified as IFCs may avail ECBs up to 50% of their owned funds via the automatic route, while amounts exceeding this require approval. The funds must be used for infrastructure lending, and currency risk must be fully hedged. Authorized Dealer Category-I banks must certify the leverage ratio for IFCs seeking approval for ECBs. Other ECB policy aspects remain unchanged, and banks should inform their clients of these directives under the Foreign Exchange Management Act, 1999.
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