RBI simplifies norms for restructuring of ECB

The Reserve Bank has simplified norms for restructuring or rescheduling of external commercial borrowings.
The central bank said it has delegated more powers to banks to deal with cases related to change in draw-down and repayment schedules.
"Banks may also allow the cases requiring transfer of the ECB from one company to another on account of re-organisation at the borrower's level in the form of merger/demerger/ amalgamation/acquisition," RBI said.