External commercial borrowings (ECB):

External commercial borrowings are loans in India made by non-resident lenders in foreign currency/rupees (₹) to Indian borrowers. Indian corporates eligible to receive foreign direct investment can borrow money in the form of commercial bank loans, buyers' credit, suppliers' credit, financial leases, securitised instruments such as floating rate and fixed rate bonds etc., and credit from overseas lenders. RBI, from time to time issues directions/instructions covered under master direction on external commercial borrowings, as amended from time to time.