Question
The Reserve Bank of India (RBI) has permitted
non-banking finance companies operating as Infrastructure Debt Fund (IDF-NBFCs) to raise money through external commercial borrowings (ECBs) wherein these borrowings will be subject to a minimum tenor of ______years.Solution
The Reserve Bank of India (RBI) has permitted non-banking finance companies operating as Infrastructure Debt Fund (IDF-NBFCs) to raise money through external commercial borrowings (ECBs). Â Â These borrowings will be subject to a minimum tenor of five years, and IDF-NBFCs are prohibited from sourcing the ECB loans from the foreign branches of Indian banks, as stated by the RBI in communication to the companies. Â The aim was to enable IDF-NBFCs to play a more substantial role in financing the infrastructure sector and to bring the relevant regulations into harmony. Â The revised framework includes the withdrawal of the requirement for a sponsor for the IDFs, and it makes the tripartite agreement optional for Public Private Partnership (PPP) projects. Previously, IDF-NBFCs were mandated to enter into a tripartite agreement with both the dealer and the project authority for investments in PPP infrastructure projects that involved a project authority
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