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India eases foreign funding rules in key infra sectors

Source : REUTERS
Last Updated: Tue, May 14, 2013 12:30 hrs

NEW DELHI, May 14 (Reuters) - India eased its overseas borrowing rules to enable companies to raise funds more easily, which will help boost economic growth.

Reserve Bank of India Deputy Governor H.R. Khan said the central bank has allowed oil marketing companies to finance part of their short-term trade credit requirement through overseas debt.

The RBI also extended the external commercial borrowing (ECB) relaxation for affordable housing for two years and aviation for a few more months.

Khan spoke to reporters after a meeting with senior government officials.

The central bank will also come out with a uniform definition for infrastructure companies, he said, adding there has been no overall change in the ECB limit of $40 billion. (Reporting by Rajesh Kumar Singh and Manoj Kumar; Editing by Prateek Chatterjee)




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