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<h1>Prepayment of External Commercial Borrowings permitted without prior approval, subject to minimum average maturity and review.</h1> Authorised Dealer Category I banks may permit prepayment of External Commercial Borrowings without prior approval of the Reserve Bank, provided the minimum average maturity period applicable to the loan is complied with; the enhanced operational ceiling takes effect immediately and is subject to review, and banks must notify their constituents. The direction is issued under FEMA and does not affect other legal permissions that may be required.
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