AD Category-I banks can utilise funds raised from overseas FCB: RBI
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- By Chetan Kulasri
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- Last Updated on 11 July, 2022
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Circular no. RBI/2022-23/88 A. P. (DIR Series) Circular No. 08, Dated: 07.07.2022
RBI had earlier released “Liberalisation of Forex Flows” dated July 06, 2022 whereby AD Cat-I banks were allowed to utilise the funds raised from overseas foreign currency between July 08, 2022 & October 31, 2022 for lending in foreign currency to constituents in India. Now RBI has clarified that such lending shall be subject to the end-use prescriptions as applicable to External Commercial Borrowings. This facility will be available till the maturity / repayment of the overseas foreign currency borrowings.
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