External Commercial Borrowing filings by Indian companies declined 13.3% month-on-month to $7.05 billion in September 2026, according to RBI data. This marked the first monthly decline in five months after filings consistently increased between May and August.
Mumbai, November 12 — External Commercial Borrowing (ECB) filings by Indian corporates fell 13.3% month-on-month to $7.05 billion in September 2026, according to data released by the Reserve Bank of India.
Companies had filed ECB intentions worth $8.13 billion in August, indicating a slowdown in plans to raise funds from overseas markets during September.
This was the first month-on-month decline in ECB filings in five months.
General permission accounts for $6.71 billion
Of the total $7.05 billion ECB filings during September, borrowing intentions under the general permission route stood at $6.71 billion.
Filings under the special permission category amounted to $336.9 million, according to RBI data.
ECB allows eligible Indian companies and institutions to raise funds from foreign lenders and international markets, subject to the applicable regulatory framework.
Filings had risen for four consecutive months
Before the September decline, ECB filings had been on an upward trajectory for four consecutive months.
According to the RBI data cited in the source, filings increased 25.79% month-on-month in May, followed by growth of 28.3% in June.
The upward trend continued with 26.7% growth in July and 5.6% in August.
Before this four-month run, ECB filings had fallen by around 30.69% month-on-month in April.
The September decline therefore marks a reversal after several months of increasing overseas borrowing intentions.
Mangang Constructions files for $1.01 billion
Several companies and financial institutions submitted large ECB filings to the RBI during September.
Mangang Constructions filed an intent to raise $1.01 billion for general corporate purposes. The proposed borrowing carries a maturity of 24 years.
The National Bank for Financing Infrastructure and Development (NaBFID) filed an intent for $1 billion.
The proposed borrowing has a maturity of 10 years and is intended for on-lending and sub-lending.
HPCL, HUDCO among major filers
Danube Industries submitted an ECB filing worth $921 million during the month.
Meanwhile, Hindustan Petroleum Corporation Ltd (HPCL) and Housing and Urban Development Corporation Ltd (HUDCO) each filed borrowing intentions worth $500 million.
Despite these large individual filings, total ECB intentions declined from $8.13 billion in August to $7.05 billion in September, ending the four-month streak of sequential growth.
