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ARTICLE · 23 OCTOBER 2015

RBI Update – External Commercial Borrowing (ECB) And Priority Sector Update

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Banks are now required to furnish data on priority sector advances in accordance with the prescribed revised formats, quarterly and yearly to the RBI.

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ECB Update

The Reserve Bank of India (the "RBI"), in two separate circulars, RBI//2014-15/638 A.P. (DIR Series) Circular No.109 and RBI/2014-15/637 A. P. (DIR Series) Circular No. 108, both dated 11 June 2015, has extended the existing scheme of raising external commercial borrowings for (i) working capital for civil aviation sector; and (ii) low cost affordable housing projects, till 31 March 2016 on the same terms and conditions as set out in circular dated 24 April 2012 and circular dated 17 December 2012, respectively.

Priority Sector Update

The RBI, in its circular RBI/2014-15/639 FIDD.CO.Plan.BC.No.58/04.09.001/2014-15 dated 11 June 2015 has discontinued the requirement of submitting of a Monthly Statement on Priority Sector Advances and Sectoral Deployment of Credit by banks.

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