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of <h1>Revised ECB Policy: Infrastructure Sector Maturity Reduced to 3 Years, 100% Hedging for 3-5 Year ECBs.</h1> The circular addresses revisions to the External Commercial Borrowings (ECB) policy, specifically concerning minimum average maturity and hedging provisions. The minimum average maturity for ECBs in the infrastructure sector is reduced from five to three years. Additionally, the mandatory hedging requirement is adjusted, reducing the average maturity requirement from ten to five years for exemptions. ECBs with a maturity of three to five years must meet a 100% hedging requirement. These changes do not require existing ECBs to roll over their hedges. Other ECB policy provisions remain unchanged, and the Master Direction will be updated to reflect these amendments.
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