Mumbai: India Inc's external commercial borrowings (ECBs) fell by 45% to $2.42 billion in January 2019 as compared to the year-ago period, data from the Reserve Bank of India (RBI) has showed.

Domestic firms had raised $5.40 billion from overseas sources during January 2018. Of the total borrowings during the month, $2.27 billion was raised through the automatic route of external commercial borrowings (ECBs). The remaining $150 million was taken through the approval route, according to RBI data on ECB for January 2019.

No money was raised through rupee denominated bonds (RDBs) during the month, both in 2019 and 2018, RBI data showed.

Major borrowers, which tapped resources overseas via approval route, included Indian Oil Corp. Ltd ($900 million), Bharat Petroleum Corp. Ltd ($500 million) and Hindustan Petroleum Corp. Ltd ($200 million). All three oil marketing companies (OMCs) raised the money for their working capital requirements.

Power Grid Corporation of India raised $228.55 million for power project and Reliance Home Finance Ltd raised $35.50 million for lending. Power Finance Corp. Ltd was the only firm to raise $150 million for sub-lending purpose.