RBI liberalises ECB norms
The Reserve bank of India on Wednesday liberalised the ECB norms further. It announced that ECB upto $500 mn would be under automatic route. The Central Bank has widened interest rate ceiling for ECBs. The interest rate ceiling for 3-5 years now would be libor+300 bps. The interest rate ceiling for more than five years would now be libor+500 bps.
