BRICS-backed NDB to issue 1st-ever Indian rupee bond
The New Development Bank (NDB), backed by BRICS nations, is set to issue its first-ever Indian rupee bond in India before the end of March 2026.
The bank plans to raise $400-$500 million with bonds that mature in 3-5 years, aiming to boost local currency lending to 30% by 2026.
Move to diversify away from US dollar
NDB usually issues bonds in Chinese yuan and South African rand, but this rupee bond marks a push to diversify away from the US dollar.
By getting approvals from the Reserve Bank of India, NDB hopes to make it easier for investors—especially those interested in emerging markets—to access India's debt market and help the rupee play a bigger role globally.
NDB aims for local currency loans to reach 30% by 2026
Since starting in 2015, NDB has built about a third of its $11 billion bond portfolio using member currencies.
With this move, the bank wants at least 30% of its loans in local currencies by 2026—helping countries manage currency risks and strengthening financial independence.