The Reserve Bank of India released a new external commercial borrowings framework that would make it easier for eligible entities to borrow from overseas lenders.

All eligible borrowers can now raise up to US$750 million or equivalent from lenders in countries that comply with the Financial Action Task Force, according to a Jan. 16 release. The amount replaces the existing sector wise limits and applies to loans for one fiscal year.

The central bank kept the minimum average maturity period at three years, irrespective of the amount.

The RBI said this change will increase lending options and allows various new lenders in the space.