RBI/2025-26/223
A.P. (DIR Series) Circular No. 23
February 18, 2026
All Authorised Persons
Madam / Sir,
Reporting under Foreign Exchange Management Act, 1999 - Returns pertaining to External Commercial Borrowing (ECB)
Attention of Authorised Persons is invited to the Master Direction – Reporting under Foreign Exchange Management Act, 1999. The Reserve Bank has issued the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 09, 2026 (published in the official gazette on February 16, 2026) for revising the External Commercial Borrowing (ECB) Framework. The forms for returns pertaining to ECB, prescribed under the Master Direction ibid, have been modified in light of the revised ECB Framework.
2. In view of the above, Part V - Annex I and Part V - Annex II of the Master Direction – Reporting under Foreign Exchange Management Act, 1999 shall be substituted with the format given at Annex I (Form ECB 1 / Revised Form ECB 1) and Annex II (Form ECB 2) to this circular respectively.
3. Authorised Persons may bring the contents of the circular to the notice of their customers/ constituents concerned.
4. The directions contained in this circular have been issued under sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
5. These directions shall come into force with immediate effect.
Yours faithfully,
(Dr. Aditya Gaiha)
Chief General Manager-in-Charge
| Form ECB 1 | ||||||||
| Part A - Return Details | ||||||||
|
1 |
Return Type | LRN <applicable on selecting "Revising Existing ECB"> | - | - | ||||
|
Part B - Borrower Details |
||||||||
| 2 | Legal Name | - | - | - | ||||
| 3 | Registered Office Address | Registered Office State/UT | Registered Office Pincode | - | ||||
| 4 | Contact No. | - | - | - | ||||
| 5 | E-Mail ID | - | - | - | ||||
| 6 | Registration Number Type |
Other Registration Number Type <applicable on selecting "Others (Specify)"> |
Registration Number | - | ||||
| 7 | PAN | - | - | - | ||||
| 8 | LEI | - | - | - | ||||
| 9 | Whether an investigation/adjudication by a law enforcing agency is in process or an appeal with reference to such investigation/adjudication is pending for any contravention under FEMA, 1999. | Details <applicable on selecting "Yes"> | - | - | ||||
| 10 | Borrower Type |
Other Borrower Type <applicable on selecting "Others (Specify)"> |
- | - | ||||
| 11 |
Specify the applicable Act(s) and relevant section
of the Act as per which the entity is permitted for ECB (for entities other than Companies and LLPs) |
- | - | - | ||||
| 12 | Borrower Category | - | - | - | ||||
| 13 |
Borrower Classification (6 Digit NIC-2025 Code) |
- | - | - | ||||
| 14 |
Net Worth (as per the last audited balance sheet) (INR) |
Net Worth (as per the last audited balance sheet) (USD Equivalent) | - | - | ||||
| 15 |
Outstanding Domestic Borrowing from Banks (as on the date of application) (INR) |
Outstanding Domestic Borrowing from AIFIs and NBFCs (as on the date of application) (INR) |
Outstanding Domestic Borrowing through Debt
Instruments (as on the date of application) (INR) |
Outstanding Domestic Borrowing from Other Sources (as on the date of application) (INR) | ||||
| 16 |
Outstanding ECBs (as on the date of application) (USD) |
Outstanding External Trade Credits (as on the date of application) (USD) |
Outstanding External Borrowing from Other Sources (as on the date of application) (USD) |
- | ||||
| 17 |
Total Outstanding Domestic Borrowing (as on the date of application) (INR) |
Total Outstanding Domestic Borrowing (as on the date of application) (USD) | Total Outstanding External Borrowing (as on the date of application) (USD) | - | ||||
| 18 | Proposed ECB (USD) | Available ECB Limit (USD) | 1000000000 | - | - | |||
|
Part C - Lender Details |
||||||||
| 19 | Legal Name | - | - | - | ||||
| 20 | Country | - | - | - | ||||
| 21 | Contact No. | - | - | - | ||||
| 22 | E-Mail ID | - | - | - | ||||
| 23 | Lender Category |
Foreign Equity Holder Ownership (%)
<applicable on selecting "Foreign Equity Holder"> |
Other Lender Category <applicable on selecting "Others (Specify)"> |
- | ||||
|
Part D - Borrowing Details |
||||||||
| 24 | Borrowing Permission Type | - | - | - | ||||
| 25 | Form of Borrowing |
Other Form of Borrowing <applicable on selecting "Others (Specify)"> |
Share of Financial Insitutions in IFSC (USD) <applicable on seleting "Syndicate Loan"> |
- | ||||
| 26 |
Borrowing Agreement Date (YYYY-MM-DD) |
- | - | - | ||||
| 27 | Average Maturity (Years) | - | - | - | ||||
| 28 | Borrowing Currency 1 | Borrowing Currency 2 | Borrowing Currency 3 | Borrowing Currency 4 | ||||
| 29 | Borrowing Amount (in Currency 1) | Borrowing Amount (in Currency 2) | Borrowing Amount (in Currency 3) | Borrowing Amount (in Currency 4) | ||||
| 30 | Is there a call option in the borrowing? | Borrowing Covered by Call Option (%) <applicable on selecting "Yes"> | Option Start Date (YYYY-MM-DD) <applicable on selecting "Yes"> |
Option End Date (YYYY-MM-DD) <applicable on selecting "Yes"> |
||||
| 31 | Is there a put option in the borrowing? | Borrowing Covered by Put Option (%) <applicable on selecting "Yes"> | Option Start Date (YYYY-MM-DD) <applicable on selecting "Yes"> |
Option End Date (YYYY-MM-DD) <applicable on selecting "Yes"> |
||||
| 32 | Is the loan secured? | Security Type <applicable on selecting "Secured"> |
% of Principal Secured <applicable on selecting "Secured"> |
% of Interest Secured <applicable on selecting "Secured"> |
||||
| 33 | End-Use Purpose 1 | Other End-Use Purpose 1 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
| 34 | End-Use Purpose 2 | Other End-Use Purpose 2 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
| 35 | End-Use Purpose 3 | Other End-Use Purpose 3 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
| 36 | End-Use Purpose 4 | Other End-Use Purpose 4 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
| 37 | End-Use Sector 1 | Other End-Use Sector 1 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
| 38 | End-Use Sector 2 | Other End-Use Sector 2 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
| 39 | End-Use Sector 3 | Other End-Use Sector 3 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
|
40 |
End-Use Sector 4 | Other End-Use Sector 4 <applicable on selecting "Others (Specify)"> | % of Borrowing Amount | - | ||||
|
Part E - Interest Rate Details |
||||||||
| 41 | Interest Rate Type | Fixed Interest Rate (%) <applicable on selecting "Fixed Interest Rate"> | Benchmark Rate <applicable on selecting "Floating Interest Rate"> | Spread <applicable on selecting "Floating Interest Rate"> | ||||
| 42 | Floating Interest Rate Cap or Floor | Cap Rate <applicable on selecting "Yes"> | Floor Rate <applicable on selecting "Yes"> | - | ||||
| 43 |
First Interest Payment Date (YYYY-MM-DD) |
- | - | - | ||||
| 44 | Number of Payments/Year | - | - | - | ||||
| Part F - Other Charges Details | ||||||||
| 45 | Upfront Fee |
Expected Date of Payment (YYYY-MM-DD) |
Currency | Amount | ||||
| 46 | Management Fee |
Expected Date of Payment (YYYY-MM-DD) |
Currency | Amount | ||||
| 47 | Commitment Fee (Fixed) |
Expected Date of Payment (YYYY-MM-DD) |
Currency | Amount | ||||
| 48 | Guarantee Fee |
Expected Date of Payment (YYYY-MM-DD) |
Currency | Amount | ||||
| 49 | Export Credit Agency Charges |
Expected Date of Payment (YYYY-MM-DD) |
Currency | Amount | ||||
| 50 | Other Charges |
Expected Date of Payment (YYYY-MM-DD) |
Currency | Amount | ||||
| 51 | Total (USD) | - | - | - | ||||
| 52 | Penal Interest for Late Payments (Fixed) |
Fixed Rate (%) <applicable on selecting "Yes"> |
- | - | ||||
| 53 | Penal Interest for Late Payments (Floating) |
Benchmark Rate <applicable on selecting "Yes"> |
Spread <applicable on selecting "Yes"> |
- | ||||
| 54 | Commitment Fee (Variable) |
% Per Annum <applicable on selecting "Yes"> |
% of Undrawn Amount <applicable on selecting "Yes"> |
- | ||||
| Part G - AD Comments | ||||||||
| 55 | ||||||||
| 56 | ||||||||
| 57 | ||||||||
| 58 | ||||||||
| Form ECB 2 | ||||||||||||
| Part A - ECB Details | ||||||||||||
| Loan Registration Number (LRN) | - | - | - | - | - | - | - | - | - | |||
| Part B - Receipt Details | ||||||||||||
| B.1 - Receipt(s) During the Reporting Period | ||||||||||||
| Sr. No. |
Date (YYYY-MM-DD) |
Currency | Amount |
Amount (USD) |
Recipient Bank Name | Recipient Bank Country | - | - | - | - | - | - |
| B.2 - Total Receipts Reported Earlier | ||||||||||||
| Sr. No. | - | Currency | Amount |
Amount (USD) |
- | - | - | - | - | - | - | - |
| Part C - Utilisation Details | ||||||||||||
| C1 - Details of Utlisation of Receipts Duing the Reporting Period | ||||||||||||
| Sr. No. | Date (YYYY-MM-DD) | Currency | Amount | Amount (USD) | Beneficiary Bank Name | Beneficiary Bank Country | Payment Beneficiary Country | End-Use Purpose | End-Use Purpose - Others (Specify) | End-Use Sector | End Use Sector - Others (Specify) | LRN of Refinanced ECB (in case of Refinancing of Existing ECB) |
| C2 - Details of Total Unutlised Receipts | ||||||||||||
| Sr. No. |
Investment Particulars |
Currency | Amount |
Amount (USD) |
- | Investment Country | - | - | - | - | - | - |
| Part D - Debt Servicing Details | ||||||||||||
| D1 - Principal Repaid During the Reporting Period | ||||||||||||
| Tranch No. |
Date (YYYY-MM-DD) |
Currency | Amount |
Amount (USD) |
Manner of Debt Servicing |
Manner of Debt Servicing - Others (Specify) |
Principal Prepayment | - | - | - | - | - |
|
D2 - Interest Payments During the Reporting Period |
||||||||||||
| Tranch No. |
Date (YYYY-MM-DD) |
Currency | Amount |
Amount (USD) |
Manner of Debt Servicing |
Manner of Debt Servicing - Others (Specify) |
- | - | - | - | - | - |
| D3 - Other Current Account Payments During Reporting Period | ||||||||||||
| Tranch No. |
Date (YYYY-MM-DD) |
Currency | Amount |
Amount (USD) |
Manner of Debt Servicing |
Manner of Debt Servicing - Others (Specify) |
Payable Type |
Payable Type - Others (Specify) |
- | - | - | - |
| Part E - Hedging Details | ||||||||||||
| Sr. No. | Hedge Type | Outstanding Principal Hedge Details | Outstanding Interest Hedge Details |
Annualised Cost of Financial Hedge (%) |
- | - | - | - | ||||
| Outstanding Principal Hedged (%) |
Hedge Effectiveness Range (From) |
Hedge Effectiveness Range (To) |
Outstanding Interest Hedged (%) |
Hedge Effectiveness Range (From) | Hedge Effectiveness Range (To) | - | - | - | - | |||
| Part F - Closure of LRN | ||||||||||||
| 1 | Request for closure of LRN | - | - | - | - | |||||||
| 2 | Whether any principal, interest or current account payable is outstanding? | If yes, reason for closure of LRN | - | - | - | |||||||
| 3 | Whether all principal drawn-downs have been reported in Form ECB 2? | - | - | - | - | |||||||
| 4 | Whether all repayment of principal, interest and other current account payabales (including outststanding interest waived off, if any) have been duly reported in Form ECB 2? | - | - | - | - | |||||||
| Part G - AD Comments | ||||||||||||
| 1 | ||||||||||||
| 2 | ||||||||||||
| 3 | ||||||||||||
| 4 | ||||||||||||
| 5 | ||||||||||||