External Commercial Borrowings: regulatory framework mandates eligibility, maturities, permitted end-uses, hedging and strict reporting compliance. External Commercial Borrowings are permitted only under specified ECB parameters: defined eligible borrowers and recognised lenders, forms and currencies of borrowing, minimum average maturity periods depending on purpose, an all-in-cost ceiling, a negative list of prohibited end-uses, prescribed hedging obligations and operational hedging standards, and rules on currency conversion and recognised-lender eligibility.