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of <h1>RBI amends ECB policy for CIRP applicants, allowing ECBs for loan repayment via approval route under FEMA, 1999.</h1> The circular issued by the Reserve Bank of India addresses changes in the External Commercial Borrowings (ECB) policy, specifically for resolution applicants under the Corporate Insolvency Resolution Process (CIRP). It allows these applicants to raise ECBs from recognized lenders, excluding branches or overseas subsidiaries of Indian banks, for repaying Rupee term loans of the target company through the approval route. This relaxation is part of the ECB policy's end-use restrictions. All other provisions of the ECB policy remain unchanged, and the changes are effective immediately under the Foreign Exchange Management Act, 1999.
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