The RBI announced in its notification that unutilized External Commercial Borrowing (ECB) proceeds drawn down before March 1, 2020, can be parked in term deposits with AD category-I banks in India prospectively up to March 1, 2022, providing relief to borrowers who were unable to use the proceeds due to the Covid'19 pandemic, which caused lockdown and restraint. The above stipulation is only one one-time measure, to provide relief.

The Actual ECB framework states that borrowers can place ECB proceeds in term deposits with banks in India for a maximum period of 12 months.

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