External Commercial Borrowings (ECB) framework sets routes, eligibility, limits, and reporting requirements for overseas loans. The Master Direction sets the consolidated ECB framework prescribing three tracks (foreign currency medium term, long term, and Rupee denominated), permitted forms and routes of borrowing, eligibility of borrowers and recognised lenders, minimum average maturities, all in cost ceilings, end use restrictions, hedging obligations, permissible security and guarantee structures, conversion to equity conditions, and comprehensive reporting and procedural requirements including Loan Registration Number and AD Category I delegated powers.