RBI:
RBI has now decided to provide greater flexibility for structuring of ECB arrangements, has recognised non-resident ECB lenders which may extend loans in Indian Rupees. The lender should mobilise Indian Rupees through swaps undertaken with an Authorised Dealer Category-I bank in India and ECB contract should comply with all other conditions applicable to the automatic and approval routes as the case may be. Further the recognised ECB lender, if it desires, may set up a representative office in India for the purpose of executing swaps for ECBs denominated in Indian Rupees.
RBI:
The Reserve Bank of India with an intention to simplify the KYC requirements to help the common man to open bank accounts. It has been decided to create public awareness and give wide publicity to KYC simplification measures. In this regard, banks are also advised to initiate steps to create awareness and give wider publicity by circulating the poster and booklet amongst all their branches. Branches may be advised to make available the booklet to the customers/ general public and display the poster prominently in their premises.
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