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 $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.
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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 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.
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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.
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