The Reserve Bank of India (the RBI) recently issued a circular on 16 January 2019 (the 2019 ECB Framework) significantly changing the RBI master direction on external commercial borrowings (ECBs). The 2019 ECB Framework makes access to ECBs easier for Indian entities and is expected to bolster the “masala bonds” market. It represents a significant rewrite of the previous regulatory framework.

The attached alert discusses the key changes brought about as a result of the 2019 ECB Framework.

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