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of <h1>RBI Circular: New Security Guidelines for External Commercial Borrowings by Authorized Dealer Category-I Banks.</h1> The circular issued by the Reserve Bank of India (RBI) addresses the security arrangements for External Commercial Borrowings (ECBs). It allows Authorized Dealer Category-I banks to permit the creation of charges on immovable and movable assets, financial securities, and the issuance of corporate or personal guarantees to secure ECBs, provided certain conditions are met. These include compliance with existing ECB guidelines, the presence of a security clause in the loan agreement, and obtaining necessary no-objection certificates from existing lenders in India. The circular outlines specific conditions for each type of security and emphasizes compliance with relevant regulations. These changes are effective immediately and are subject to periodic review.
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