ECB Filings Decline to $5.43 Billion in March: RBI Data

Financial Market Volatility Affects Foreign Borrowing Filings in India

The Reserve Bank of India (RBI) reported on Thursday that foreign borrowing filings by companies and lenders in India halved to $5.43 billion in March amid financial market volatilities following the West Asia conflict.

Comparative Data on Foreign Borrowing Filings

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According to the RBI, the proposals filed by Indian companies, including non-banking financial companies (NBFCs), were lower than the $11.04 billion they had filed in March 2025, but higher than the preceding February's $4.59 billion.

The RBI stated that of the total foreign borrowing filings, intent from general permission stood at $5.22 billion in March 2026, and special permission was $212 million, according to data.

Amid concerns over sluggish capital expenditure growth, data suggested that there were 19 filings for new projects totalling a borrowing of $1.14 billion, the central bank said, adding that $1.22 billion were intended to refinance either existing External Commercial Borrowings (ECB) or rupee loans.

Some prominent firms that filed an intent in March 2026 with the RBI include:

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• Rajasthan Part I Transmission, which filed for $750 million for a new project, with funding from a financial institution in an international financial services centre having a maturity of 4 years and 11 months.
• Adani Transmission Step-One, which filed to raise $500 million to refinance existing ECB.
• IIFL Finance, which filed for raising $500 million from the international capital market.
• Indian Railway Finance Corporation, which filed an intention for raising $391.6 million.
• Bajaj Finance, which filed an intention for raising $300 million.

External Commercial Borrowings (ECBs) are commercial loans raised by eligible resident entities from recognised non-resident entities.

In the last few months, the borrowing cost in the international market or yield on 10-year US treasuries surged by 0.20-0.30 per cent, narrowing the gap between the cost of overseas and domestic borrowings.

The RBI had earlier this year issued liberalised ECB guidelines, which allow Indian companies to benefit from a higher borrowing limit at prevailing market-related conditions, change the currency of an ECB, and convert the ECB into a non-debt instrument, among others.

The guidelines also state that a borrower under a restructuring scheme or corporate insolvency resolution process can tap this route to raise funds.