Articles 19th May 2026
In their latest article titled “𝗜𝗻𝗱𝗶𝗮 𝗢𝗽𝗲𝗻𝘀 𝘁𝗵𝗲 𝗗𝗼𝗼𝗿 𝘁𝗼 𝗚𝗹𝗼𝗯𝗮𝗹 𝗗𝗲𝗯𝘁: 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗥𝗕𝗜’𝘀 𝟮𝟬𝟮𝟲 𝗘𝗖𝗕 𝗥𝗲𝗳𝗼𝗿𝗺𝘀”, our Partners Yashojit Mitra & Devyani Singh and Associate Aayushi Shah analyze the RBI’s recent amendments to India’s external borrowing framework.
Published in the 10th edition N°1 of The Legal Industry Reviews India, the article discusses the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026. The amendments mark a significant step towards liberalizing India’s cross-border debt financing regime by expanding borrower eligibility, widening the pool of recognized lenders, and introducing greater pricing flexibility for External Commercial Borrowings.
From permitting LLPs to raise ECBs, to removing debt-to-equity restrictions and allowing greater flexibility for conversion of ECBs into non-debt instruments, the authors examine how the revised framework may provide Indian businesses and foreign lenders with more structuring options.
The article also highlights the continued relevance of safeguards such as minimum average maturity requirements, end-use restrictions, and limitations on the exercise of call and put options.
At a time when Indian businesses are increasingly exploring global sources of capital, the article provides timely insights into how the RBI’s 2026 ECB reforms may reshape foreign debt financing, restructuring transactions, and cross-border investment structures in India.
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