India Incorporated depends more on foreign banks

MUMBAI: India’s companies are growing more dependent on banks to raise offshore funds going into 2019 as the bond markets sputter and local-currency funding from domestic banks dries up.

Borrowers that are facing challenges in the credit market are finding solace in dollar-denominated loans, even as non-performing debt at local banks, volatility in the rupee and uncertainty over national elections next year add to pressure on financing costs.