Reserve Bank of India hiked the maximum limit to $3 billion for foreign borrowers under the External Commercial Borrowing (ECB) norms with an aim of increasing the foreign fund flow into the country.
"We will continue to look at various spaces of which ECB is one...not only to increase the foreign flow in the country, but also to improve business climate," Department of Economic Affairs Secretary Dr Arvind Mayaram said.
The High Level Committee on ECBs also permitted Foreign Institutional Investors to invest up to $5 billion in rupee bonds within the overall corporate bond limit of $45 billion.
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