Mumbai: The Reserve Bank of India (RBI) relaxed rules for companies and banks to restructure and reschedule existing overseas borrowings by permitting an increase in the total cost of borrowing offshore.
Indian firms have found it difficult to restructure existing borrowings after facing a sharp slowdown in the economy.
The banking regulator also allowed changes in the drawdown and repayment schedules of such overseas borrowings, the Reserve Bank of India said in a release on Friday.
The easing of rules will however not be applicable for foreign currency convertible bonds, the RBI said.
Zee News App: Read latest news of India and world, bollywood news, business updates, cricket scores, etc. Download the Zee news app now to keep up with daily breaking news and live news event coverage.
