With a view to providing greater flexibility for structuring of External Commercial Borrowings (ECB) arrangements, it has been decided by RBI that all recognised non-resident ECB lenders may extend loans in Indian Rupees by mobilising Indian Rupees through swaps undertaken with an Authorised Dealer Category I bank in India. At present all eligible borrowers are eligible to raise ECB in Indian Rupees only from their foreign equity holders.
RBI Press Release : 2014-2015/476 (03.09.2014)
