NDB to Launch First Rupee-Denominated Bond in India by March 2026
The BRICS-backed New Development Bank (NDB) is preparing to issue its first Indian rupee-denominated bond in the domestic market before the end of March 2026, according to sources familiar with the matter. The bank, which has previously raised funds in Chinese yuan and South African rand, is in advanced talks with the Reserve Bank of India (RBI) for approvals. The inaugural issuance is expected to raise between $400 million and $500 million through 3–5 year bonds.
The move comes as both China and India push for greater international acceptance of their currencies and as global investors seek to diversify beyond developed markets. Earlier this year, China rolled out measures to support yuan bonds in Hong Kong, while the RBI introduced steps to widen investment options for foreign funds. NDB’s Chief Financial Officer, Monale Ratsoma, confirmed that the bank is working with Indian regulators to provide local currency financing for domestic projects but declined to share issuance details.
Established in 2015 by Brazil, Russia, India, China, and South Africa, NDB has so far raised about one-third of its $11 billion bond issues in local currencies, with a target of 30% of financing commitments in member-country currencies under its 2022–26 strategy. Analysts believe the rupee bond issue will add liquidity and diversity to India’s bond market, attract emerging-market-focused investors, and support the broader trend of de-dollarisation despite recent pressure on the Indian rupee.
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