The Reserve Bank of India (“RBI”) introduced amendments to the External Commercial Borrowings (“ECB”) framework through revisions to the Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations vide notification dated February 16, 2026. The amendments seek to streamline the existing ECB regime and provide greater flexibility to eligible Indian borrowers in accessing offshore debt, while maintaining the prudential safeguards that govern India’s external debt exposure.
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