The New Development Bank (NDB), backed by the BRICS countries, is set to issue its first-ever Indian rupee-denominated bond in the domestic market by the end of March 2026, according to a report.

Having previously raised funds in currencies like the Chinese yuan and South African rand, NDB is in advanced discussions with the Indian central bank for its debut rupee issuance, the report added citing sources. The bond will likely be a 3-5 year issue, with the bank aiming to raise between $400 million and $500 million in the initial tranche. Final approval for the bond issuance is still pending with the Reserve Bank of India (RBI), it added. Advertisement

Although NDB had plans to tap into the Indian rupee bond market two years ago, the issuance was delayed as the necessary approvals from b

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