RBI/2025-26/223 A.P. (DIR Series) Circular No. 23; Dated: 18.02.2026
On 9 February 2026, the Reserve Bank of India (RBI) issued the FEM (Borrowing and Lending) (First Amendment) Regulations, 2026, introducing revisions to the External Commercial Borrowing (ECB) framework under the foreign exchange regulatory regime.
1. Revision of ECB Reporting Framework
Pursuant to the amendment:
- The reporting framework for External Commercial Borrowings (ECBs) has been updated
- Changes align with the revised ECB regulatory structure
- Reporting requirements under the relevant Master Direction have been modified accordingly
This ensures consistency between regulatory provisions and reporting formats.
2. Update in ECB Return Forms
The RBI has updated:
- Prescribed forms for ECB returns
- As contained in the Master Direction on Reporting
The revised forms now reflect:
- Updated ECB framework provisions
- Revised data capture and disclosure requirements
- Alignment with amended borrowing and lending regulations
Entities raising or servicing ECBs must use the updated forms for reporting.
3. Effective Date
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The amendment directions and revised reporting forms come into force with immediate effect from the date of issuance.
All eligible borrowers, lenders, and authorised dealer banks must comply with the revised reporting framework.
4. Key Takeaway
RBI’s FEM (Borrowing and Lending) (First Amendment) Regulations, 2026 update the ECB framework and corresponding reporting formats, requiring immediate compliance with revised return forms under the Master Direction on Reporting.
Click Here To Read The Full Circular
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