Exclusive-BRICS-backed bank plans first Indian rupee-denominated bond by end-March, sources say

MUMBAI (Reuters) -The BRICS countries-backed New Development Bank (NDB) plans to issue its first Indian rupee-denominated bond in the domestic market before end-March 2026, three sources familiar with the matter said. NDB, which has previously raised funds in Chinese yuan and South African rand, is in advanced stages of discussions with the Indian central bank for its debut rupee issuance, the sources said. It will look to raise between $400 million and $500 million through 3-5 year bonds in the first tranche, one of the sources said.