Mumbai, India – September 27, 2025 – The New Development Bank (NDB), established by the BRICS nations, is set to issue its inaugural Indian rupee-denominated bond in the domestic market by the end of March 2026. The bank aims to raise between $400 million and $500 million through 3–5 year bonds, marking a significant step in promoting the internationalization of the Indian rupee.
This initiative follows the NDB’s previous fundraising efforts in Chinese yuan and South African rand, reflecting its commitment to enhancing the global presence of BRICS currencies. The bank is currently in advanced discussions with the Reserve Bank of India (RBI) to secure the necessary regulatory approvals for the bond issuance.
The proposed bond issuance aligns with NDB’s 2022–2026 strategy, which targets raising 30% of its financial commitments in member countries’ national currencies. Issuing rupee-denominated bonds is expected to bolster liquidity in India’s bond market and contribute to the broader de-dollarization trend.
The move comes at a time when both China and India are actively seeking greater international acceptance of their respective currencies. In recent months, the Indian central bank has announced measures to allow wider investment options for foreign funds held in Indian bank accounts, further supporting the development of the rupee as a global currency.
While the NDB has not yet appointed bankers for the bond issuance, the planned offering is anticipated to attract significant interest from investors seeking to diversify their portfolios and gain exposure to India’s growing financial markets.
