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of <h1>Liberalized ECB Policy: OMCs Can Raise Funds for Working Capital with Relaxed Maturity and Hedging Rules.</h1> The circular announces the liberalization of the External Commercial Borrowings (ECB) policy, allowing public sector Oil Marketing Companies (OMCs) to raise ECBs for working capital with a reduced minimum average maturity period of 3 to 5 years from recognized lenders via the automatic route. It waives the individual borrowing limit of USD 750 million and mandatory hedging requirements, provided OMCs have a Board-approved forex risk management policy. The overall borrowing ceiling is set at USD 10 billion. These changes are effective immediately, with other ECB policy provisions remaining unchanged, and the Master Direction No. 5 will be updated accordingly.
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