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of <h1>RBI Temporarily Revises External Commercial Borrowings Policy: Restrictions on Borrowers, Cost Ceilings, and Usage Guidelines Effective Now.</h1> The Reserve Bank of India has revised the External Commercial Borrowings (ECBs) policy temporarily. Eligible borrowers include legal entities under specific acts, excluding individuals, trusts, and non-profit organizations. Financial intermediaries cannot access ECBs or provide guarantees for them. Revised all-in-cost ceilings are set for different project types, with specific spreads over six months LIBOR. ECBs over USD 50 million are restricted to financing equipment imports and infrastructure projects. Borrowers must hedge forex exposure unless naturally hedged. ECB proceeds must be parked overseas until utilized. These amendments are effective immediately, with further regulatory changes forthcoming.
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