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The Reserve Bank of India (RBI) has permitted non-banking finance companies operating as Infrastructure Debt Fund (IDF-NBFCs) to raise money through external commercial borrowings (ECBs). These borrowings will be subject to a minimum tenor of five years, and IDF-NBFCs are prohibited from sourcing the ECB loans from the foreign branches of Indian banks, as stated by the RBI in communication to the companies. An IDF-NBFC shall be required to have an NOF of at least ₹300 crore and capital-to-risk weighted assets ratio (CRAR) of minimum 15 per cent (with minimum Tier 1 capital of 10 per cent). The exposure limits for IDF-NBFCs shall be 30% of their Tier 1 capital for single borrower/ party and 50% of their Tier 1 capital for single group of borrowers/ parties. Currently, there are three active IDF-NBFCs: NIIF Infrastructure Finance Ltd, India Infradebt Ltd, and Kotak Infrastructure Debt Fund, with combined assets under management (AUM) of about Rs 36,000 crore.
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