Indian companies` ECB filings drop by 51% in March due to financial market volatility: Reserve Bank Of India
The Reserve Bank of India (RBI) in its latest data has showed that External Commercial Borrowing (ECB) filings by Indian companies, including non-banking financial companies (NBFCs), dropped 51% to $5.43 billion in March 2026 as compared to $11.04 billion in the same month of the previous year, owing to financial market volatility triggered by geopolitical tension in West Asia. However, the March 2026 fillings were higher than $4.59 billion recorded in February 2026.
According to data, out of the total, general permission accounted for $5.22 billion, while special permission filings stood at $212 million. It suggested that despite sluggish capital expenditure growth, there were 19 filings for new projects totalling a borrowing of $1.14 billion and $1.22 billion were intended to refinance either existing ECB or rupee loans. Among the prominent firms filling an intent in March 2026 with the RBI was Rajasthan Part I Transmission, which plans to raise for $750 million for a new project.
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. Further, a borrower under a restructuring scheme or corporate insolvency resolution process can tap this route to raise funds.
