The Reserve Bank will soon launch an e-learning package as well as establish nodal offices for banks to address issues related to external commercial borrowings.
"The RBI will create nodal offices for dealers. The authorised dealer must get their clarification with nodal offices (in their region) before approaching it," said P K Raut, General Manager, Foreign Exchange Department, RBI in an event organised by industry body Assocham here today.
"Also, RBI has decided to prepare an e-learning package for the authorised dealers along with Foreign Exchange Dealers' Association of India (FEDAI) and the package will soon be shared and made available to all the authorised dealers," he said.
This will guide people and most of the queries of the authorised dealers will be addressed through this, he said.
Apart from this, the RBI has done a lot of liberalisation as far as authorised dealers are concerned, he added.
"RBI has done changes and modification in the draw-down and repayment schedule, change in the currency of borrowing, change in the name of the borrower company, change in the recognised lender, change in the cancellation of LRN (loan registration number), change in the end use of ECB proceeds and reduction in the amount of the ECBs," Raut said.
All these areas have been dedicated to the banks to approve the requests from the ECB borrowers subject to certain conditions, he said.
Because of global financial crisis, there has been a general decline in the share prices, so the RBI has taken a lot of measures and is open as far as policy measures are concerned, he said.
Currently, Indian companies are allowed to access funds from abroad through external commercial borrowings, foreign currency exchangeable bonds, foreign currency convertible bonds and shares with preferential rights.
