Net ECB inflows moderated to $8 bn in H1FY26

The net inflows through external commercial borrowings (ECBs) stood at $8 billion in the first half of the financial year 2025-26 (H1FY26), down from over $9 billion during the same period last year, according to the Reserve Bank of India (RBI) data.

- ABHIJIT LELE

The registrations of ECBs declined to $18.5 billion during HiFY26, from nearly $25 billion in HiFY25. Despite the slowdown, inflows continued to outpace outflows. Notably, 45 per cent of the total ECBs registered during this period were raised for capital expenditure, according to the State of Economy report in RBI's Bulletin released in November.