India Inc’s external borrowings down 32% at $2.6 bn in September: RBI

External commercial borrowings (ECBs) by Indian firms declined by 32 per cent to USD 2.61 billion in September, according the Reserve Bank data today.

rbi monetary policy review
RBI Governor Raghuram Rajan left open the door for more easing and affirmed the central bank’s commitment to ease it as and when room is available (Express Photo)

External commercial borrowings (ECBs) by Indian firms declined by 32 per cent to USD 2.61 billion in September, according the Reserve Bank data today.

The borrowings were at USD 3.18 billion in the same month last year.

However, ECBs raised by Indian firms in August this year were significantly lower at USD 750.77 million, as per RBI data.

Of the total amount raised during last month, USD 1.48 billion was through approval route, while USD 1.13 billion came via automatic route.

Two players Reliance Industries Ltd (USD 1.47 billion) and Global Vectra Helicorp (USD 8.7 million) took the approval route to refinance earlier ECBs and import of capital goods respectively.

Major loan takers under automatic route were Hindustan Petroleum Corporation Ltd (USD 250 million); Rural Electrification Corporation (USD 250 million) and MCC PTA India Corp. Pvt Ltd (USD 170 million).

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