RBI Reports India’s External Commercial Borrowings at $533 Million in January 2026
New Delhi, 17 March 2026: The Reserve Bank of India (RBI) has released its data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB), and Rupee Denominated Bonds (RDB) for January 2026, covering both Automatic and Approval Routes.
According to the RBI release, a total of $533.46 million (₹5,33,46,57,416) was raised by Indian companies through ECBs and FCCBs during the month. The Automatic Route accounted for $418.25 million, while the Approval Route contributed $115.21 million.
The borrowings spanned multiple sectors, including:
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Financial services (e.g., Muthoot Finance, Piramal Finance, PNB Housing Finance, ONGC Videsh)
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Manufacturing of machinery, metals, chemicals, and vehicles
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Energy and infrastructure (electricity, gas, and petroleum)
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Healthcare, IT, and logistics sectors
Key purposes of these borrowings included on-lending, working capital, new projects, refinancing, import of capital goods, and modernization of operations. Maturity periods ranged from 3 years to 30 years, depending on the lender and sector.
Notable transactions under the Automatic Route included:
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ONGC Videsh Ltd. raising $60 million for refinancing prior ECBs.
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Muthoot Finance Ltd. securing $60 million for on-lending purposes.
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Piramal Finance Ltd. raising a total of $35 million for on-lending.
Under the Approval Route, Export-Import Bank of India led with $100 million for on-lending, while NTPC Limited raised $15.21 million for refinancing domestic loans.
No Rupee Denominated Bonds (RDB) were reported for January 2026 under either route.
The RBI’s release provides transparency on foreign capital flows into India’s corporate sector, highlighting the reliance on international markets for funding across infrastructure, manufacturing, and service industries.
For more details: RBI Official Website