Indian borrowers registered external commercial borrowings and foreign-currency convertible bonds equivalent to $7.045 billion in September 2026, according to data released by the Reserve Bank of India.
General-permission registrations totalled about $6.708 billion. Three borrowings by InterGlobe Aviation under special permission added roughly $336.9 million. No rupee-denominated bond registrations were reported for the month.
Large transactions span finance and infrastructure
The largest individual registration was $1 billion by the National Bank for Financing Infrastructure and Development for on-lending or sub-lending, with a ten-year maturity.
Other sizeable entries included $500 million each for Hindustan Petroleum Corporation and Housing and Urban Development Corporation. Vodafone Idea registered $150 million for local sourcing of capital goods, while Adani Airport Holdings registered $100 million for modernisation or expansion.
Several financial companies also appeared in the data. REC and Sammaan Capital each registered $300 million. IIFL Home Finance registered $150 million, and Godrej Finance registered $60 million for on-lending.
The table records borrowings that received loan registration numbers during the month. It does not necessarily mean the full amount was drawn immediately, and it should not be read as net capital inflow for September.
Purpose and maturity matter as much as volume
Borrowers listed purposes ranging from capital-goods imports and new projects to working capital, refinancing and on-lending. Maturities varied widely, reflecting different asset lives and financing strategies.
Foreign borrowing can diversify funding sources and extend maturities, but it introduces currency and refinancing risk. Companies without matching foreign-currency revenue may use hedges, which add cost and can change the comparison with domestic borrowing.
The RBI data also include loans from foreign equity holders, overseas financial institutions, international capital markets and financial institutions in India’s international financial-services centre.
September’s registrations show continued demand for offshore finance across infrastructure, telecom, transport, manufacturing and lending businesses. Subsequent drawdowns, hedging costs and the use of proceeds will determine the economic impact beyond the headline total.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
