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NEW DELHI, April 12
THE Union Finance Ministry has indicated that external commercial borrowings (ECBs), during the first half of this year also, will continue to have a minimum average maturity period of five years, as a matter of prudence.
In 1998, the Ministry reduced the average maturity norm for loans of over $ 20 millions from seven years to five years. For long-term paper also, it had reduced the average maturity period from 10 to eight years while reviewing the ECB policy for 1998-99.
The Government is now of the view that adherence to the prudent norms of an average maturity period of five years for ECBs and a cap on …