The Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026, dated February 09, 2026 (“ Amendment ”) overhauls India's External Commercial Borrowings (“ ECB ”) framework comprehensively, as it moves away from a restriction-driven regime; and towards an outcomes-focused framework anchored in market practice.   The key positive changes introduced include the following: (a) expanding eligible borrower eligibility; (b) removing the annual USD borro