External Commercial Borrowings (ECB) by Multi-State Co-operative Societies – RBI instructions
RBI has decided to allow Multi-State Co-operative Societies engaged in manufacturing activity to raise ECB. The proposals for ECB by Multi-State Co-operative Societies engaged in manufacturing activity would be considered by the Reserve Bank under the Approval Route, provided :
i. the Co-operative Society is financially solvent,
ii. the Co-operative Society submits its up-to-date audited balance sheet and
iii. the proposal complies with all other parameters of ECB guidelines such as recognised lender, permitted end-use, average maturity period, all-in-cost ceiling etc. as mentioned in paragraph 1 (B) of the circular dated August 01, 2005, referred to above.
CIRCULAR NO. 23, Dated: January 23, 2006