External Commercial Borrowings (ECB) Policy – Non-Banking Financial Company – Infrastructure Finance Companies (NBFC-IFCs)

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..... y Infrastructure Finance Companies (NBFC-IFCs) Attention of Authorized Dealer Category-I banks is invited to A. P. (DIR Series) Circular No. 51 dated May 11, 2010 relating to External Commercial Borrowings (ECBs) policy on NBFC-IFCs. 2. As per the extant guidelines, Non-Banking Finance Companies (NBFCs) categorized as Infrastructure Finance Companies (IFCs) by the Reserve Bank and complyi .....

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..... of the Reserve Bank and will, therefore, be considered under the approval route. 4. It has also been decided to reduce the hedging requirement for currency risk from 100 per cent of their exposure to 75 per cent of their exposure. 5. Designated Authorized Dealer banks should ensure compliance with the extant norms while certifying the ECB application both under the automatic and approval rout .....

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..... ice of their constituents and customers concerned. 9. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law. Yours faithfully, (Dr. Sujatha E. Prasad) Chief General Manager - in - Charge - Circul .....

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