RBI relaxes ECB norms for companies, NBFCS

MUMBAI: The Reserve Bank of India (RBI) on Tuesday relaxed norms on end-use of funds raised via external commercial borrowings (ECBS), making it more attractive and viable for corporates including non-banking finance companies (NBFCS) to raise cheaper offshore funds. The central bank said based on feedback from stakeholders and with a view to further liberalize the ECB framework it has been decided to relax the end-use restrictions and allow the use of funds for working capital requirements, general corporate purposes and repayment of rupee loans.