New Delhi, Aug. 25 -- Indian companies are projected to raise $75-80 billion through external commercial borrowings (ECB) in FY27, driven by a Reserve Bank of India (RBI) scheme designed to boost dollar inflows, according to Neeraj Kumar, managing director and head of corporate banking for South Asia at Citibank. The projection is higher than the bank's earlier estimate of up to $65 billion in FY27, from $50 billion in FY26.

According to Kumar, the projection was revised upward over the past two months after the RBI introduced measures in June allowing banks and public-sector companies to raise foreign-currency funds via ECBs and overseas foreign-currency borrowings (OFCBs) under a special window.

The central bank also set up a swap win...