RBI:
RBI vide Notification has allowed startups to raise up to $3 million each via external commercial borrowing (ECB) route. It further clarified that overseas branches or subsidiaries of Indian banks will not be allowed to lend to start-ups via the ECB framework. Also, the RBI did not specify the maximum cost at which startups can raise money via ECB and said it will be mutually agreed between the borrower and the lender. An entity recognised as a Startup by the Central Government as on date of raising ECB and minimum average maturity period of ECB will be 3 years. The borrowing per Startup will be limited to USD 3 million or equivalent per financial year either in INR or any convertible foreign currency or a combination of both.
RBI:
RBI has opened a second Office of the Banking Ombudsman at New Delhi. The second office of the Banking Ombudsman at Reserve Bank of India, New Delhi will have the jurisdiction over Haryana (except Panchkula, Yamuna Nagar and Ambala Districts) and Ghaziabad and Gautam Buddha Nagar Districts of Uttar Pradesh. The first office of the Banking Ombudsman at Reserve Bank of India, New Delhi will have the jurisdiction over Delhi and Jammu and Kashmir. Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the present Office of the Banking Ombudsman, New Delhi, the Reserve Bank decided to open a second office in New Delhi.
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