ECB filings halve in March: RBI

Foreign borrowing filings by companies and lenders halved to $5.43 billion in March amid financial market volatilities following the West Asia conflict, the RBI said on Thursday. The proposals filed by Indian companies, including non-banking financial companies (NBFCs), were lower than the USD 11.04 billion they had filed in March 2025, but higher than preceding February’s $4.59 billion, the RBI said.

Of the total, 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 USD 1.22 billion were intended to refinance either existing ECB or rupee loans. Among the prominent firms that filed an intent in March 2026 with the RBI is Rajasthan Part I Transmission for $750 million for a new project. The funding from a financial institution in an international financial services centre has a maturity of 4 years and 11 months, the RBI said. Adani Transmission Step-One filed to raise $500 million to refinance existing ECB, it added.

Among finance companies, IIFL Finance filed for raising $500 million from the international capital market, while Indian Railway Finance Corporation and Bajaj Finance filed intentions for raising $391.6 million and $300 million, respectively.

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.

Earlier this year, the RBI issued liberalised ECB guidelines, whereby Indian companies can 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 said that a borrower under a restructuring scheme or corporate insolvency resolution process can tap this route to raise funds.