India, the world's third-biggest oil importer, depends on overseas markets to meet 80 percent of its oil needs. : India said on Wednesday it will allow state oil marketing firms to raise $10 billion in overseas loans to help them deal with a sharp rise in crude oil prices and a falling rupee. The Reserve Bank of India said it will relax the external commercial borrowings (ECB) policy to allow the oil companies to raise external debt for working capital purposes and lifted the individual borrowing limit which was set at $750 million.