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Wednesday, March 25, 2015

RBI approves US$ 2.26 billion worth of external commercial borrowing proposals in February 2015

Cumulative US$ 25.72 billion worth of ECBs proposals cleared in April-February FY2015 

The Reserve bank of India (RBI) has approved external commercial borrowings (ECBs) proposals worth US$ 2.26 billion in February 2015. An ECB is an instrument used in India to facilitate the access to foreign money by Indian corporations. The RBI has approved cumulative US$ 25.72 billion worth of ECBs proposals in April-February FY2015, compared with US$ 33.24 billion worth of ECBs proposals cleared in full FY2014. 

Among the major proposals cleared under approval route, the RBI has approved the ECBs proposal of Reliance Industries of US$ 750 million for the purpose of rupee expenditure on local capital goods. Dewan Housing Finance has also received approval for ECBs of US$ 175 million for lending purpose, followed by US 99.5 million of Air India for import of capital goods. 

Among the major proposals cleared under automatic route, the Export-Import Bank of India has received approval for the ECBs proposal of US 500 million for lending purpose. Meanwhile, the Hindustan Petroleum Corporation has received clearance for US$ 400 million of ECBs proposal for the purpose of refinancing of earlier ECBs.
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