India Inc eyes more dollar debt as RBI policy support kicks in

RBI announced on 5 June a concessional forex swap facility for ECBs raised by PSUs and Indian banks through 31 December, absorbing full hedging costs on tenors up to five years. ECB refinancing volumes rose 40 percent year-on-year to $3.3 billion in the first four months of 2026, while total ECBs raised between January and April stood at $19.13 billion, down 8 percent annually. Major borrowers included Indian Oil ($200 million), Vedanta ($125 million), Tata Capital ($100 million), and L&T Finance ($100 million), with SBI, Bank of Baroda, and Axis Bank also tapping ECBs since the relaxation.