External Commercial Borrowings access allowed under Automatic route despite pending investigations, with mandated agency notification upon approval. ECB policy now permits entities under investigation, adjudication, or appeal to avail ECB under the Automatic route subject to existing ECB norms; AD Category - I banks must, when approving and where the borrower has disclosed pending proceedings, endorse the approval letter to the concerned agencies, and the Reserve Bank will follow the same practice. All other Automatic route conditions, including eligible borrowers, recognised lenders, end-use, cost ceilings, maturity, prepayment, refinancing and reporting obligations, remain unchanged.
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Provisions expressly mentioned in the judgment/order text.
External Commercial Borrowings access allowed under Automatic route despite pending investigations, with mandated agency notification upon approval.
ECB policy now permits entities under investigation, adjudication, or appeal to avail ECB under the Automatic route subject to existing ECB norms; AD Category - I banks must, when approving and where the borrower has disclosed pending proceedings, endorse the approval letter to the concerned agencies, and the Reserve Bank will follow the same practice. All other Automatic route conditions, including eligible borrowers, recognised lenders, end-use, cost ceilings, maturity, prepayment, refinancing and reporting obligations, remain unchanged.
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