Indian companies' overseas borrowing plans rise 26% in May: RBI

Mumbai: Indian companies' proposals to raise funds through the external commercial borrowings (ECB) route increased by 25.8% month-on-month in May 2026, according to data released by the Reserve Bank of India (RBI) on Tuesday.

The total value of ECB proposals stood at USD 4.74 billion in May, up from USD 3.77 billion in April. The increase comes after ECB filings had declined by nearly 31% in April compared with the previous month.

The RBI data showed that all the borrowing proposals submitted during May were made under the automatic route, while no applications were filed under the approval route.

Among the largest proposals was one from Indian Railway Finance Corporation (IRFC), which sought to raise USD 1.11 billion for on-lending and sub-lending activities.

State-owned power producer NTPC proposed raising USD 750 million to finance infrastructure construction and development projects.

Kisetsu Saison Finance (India) submitted two separate ECB proposals worth a combined USD 499.1 million, also intended for on-lending and sub-lending.

Other notable proposals included REC, which sought to raise USD 300 million to refinance existing external commercial borrowings, and Equinix India, which proposed borrowing USD 240 million for the modernisation and expansion of its existing facilities.

External commercial borrowings are commercial loans raised by eligible Indian entities from recognised non-resident lenders and are commonly used to finance infrastructure, capital expenditure and refinancing requirements.

Separately, the RBI said proposals for rupee-denominated bonds (RDBs) amounted to USD 7.322 million in May, with only one company submitting applications.

According to the central bank, Sahrudaya Health-Care filed two RDB proposals—one worth ₹30 crore to refinance rupee loans and another worth ₹40 crore for the local procurement of capital goods.