External commercial borrowings are loans made to the Indian borrowers by non-resident lenders in convertible foreign exchange. It’s an instrument through which Indian borrowers avail loans from a foreign entity or from foreign sources. It may be in form of commercial loans in the form of bank loans, seller loans, manufacturer loans, securitized securities (e.g. floating rate notes ... https://www.corpzo.com/external-commercial-borrowing--compliance--ecb-compliance