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of <h1>RBI Eases Rules for Refinancing External Commercial Borrowings; Banks Can Approve Longer Maturities if Conditions Met.</h1> The Reserve Bank of India has simplified the procedure for refinancing existing External Commercial Borrowings (ECB) at a lower all-in-cost. Authorized Dealer Category - I banks now have the authority to approve refinancing even if the Average Maturity Period (AMP) of the new ECB exceeds the residual maturity of the existing ECB, provided specific conditions are met. These include compliance with guidelines, lower all-in-cost for the new ECB, lender consent, and no borrower defaults. Overseas branches of Indian banks cannot extend ECBs for refinancing. The changes, effective immediately, maintain other ECB policy aspects unchanged.
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