印度公司发行的未偿商业票据较上年同期增长24%，印度储备银行数据显示，银行体系流动性的激增降低了短期融资成本。截至9月15日，未偿商业票据总额为6.53万亿卢比（注：原文lakh crore即万亿卢比），而一年前为5.27万亿卢比。商业票据是一种短期无担保债务工具，公司通过发行该工具快速筹集资金，通常期限在一年以内。公司常利用其满足营运资金需求或再融资现有债务。未偿商业票据数据：2024年3月31日：3.89万亿卢比2025年9月15日：5.27万亿卢比2026年3月31日：4.60万亿卢比2026年9月15日：6.53万亿卢比来源：印度储备银行仅截至9月15日的两周期间，发行额就达到1.85万亿卢比，是前两周发行额91579亿卢比的两倍多。
Outstanding commercial paper issued by Indian companies climbed 24% from a year earlier as a surge in banking-system liquidity lowered the cost of short-term funding, according to data from the Reserve Bank of India.Total commercial paper outstanding stood at ₹6.53 lakh crore as of September 15. That is up from ₹5.27 lakh crore a year earlier.Commercial paper is a short-term, unsecured debt instrument that companies issue to raise funds quickly, typically maturing within a year. Companies often use it to meet working capital needs or refinance existing debmmercial paper outstanding DateOutstandingMar 31, 2024₹3.89 lakh croreSep 15, 2025₹5.27 lakh croreMar 31, 2026₹4.60 lakh croreSep 15, 2026₹6.53 lakh croreSource: Reserve Bank of IndiaIssuance in the fortnight through September 15 alone stood at ₹1.85 lakh crore. That was more than double the ₹91,579 crore issued in the previous fortnight.The increase comes amid lower short-term funding costs. The RBI cut its policy rate by a cumulative 100 basis points between April and December 2025. The banking system has since seen a sharp inflow of liquidity, with banks mobilising about $133 billion through FCNR-B deposits after the RBI opened its concessional swap window in June.The lower end of the discount-rate range on commercial paper dropped to 5.25% as of mid-September, down from 7.09% two years earlier.CP Discount Rate Range: Top versus Weaker-Rated BorrowersDateTop-rated Weaker-rated Sep 20247.09%12.88%Sep 20255.72%11.97%Sep 20265.25%12.14%Source: Reserve Bank of IndiaRecent issuances show that top-rated companies have been able to access the commercial paper market at rates close to the lower end of the current range. For instance, NTPC Ltd. issued 40-day CP at 5.60% on September 9, while Power Finance Corporation Ltd. raised 90-day paper at 5.94%.Rates for weaker-rated borrowers, meanwhile, stayed closer to 12%.Net new commercial paper financing to non-financial companies, however, has not kept pace with the rise in outstanding balances. Such flows totaled ₹7,948 crore in the year ended March 2026, down from ₹18,819 crore a year earlier, separate RBI data showed.That suggests much of the recent growth reflects refinancing of maturing paper rather than fresh borrowing.
这一增长伴随着短期融资成本的下降。印度储备银行在2025年4月至12月期间累计下调政策利率100个基点。此后，银行体系出现流动性大幅流入，自印度储备银行6月开放优惠互换窗口以来，银行通过外币非居民存款（FCNR-B）动员了约1330亿美元的资金。
Outstanding commercial paper issued by Indian companies climbed 24% from a year earlier as a surge in banking-system liquidity lowered the cost of short-term funding, according to data from the Reserve Bank of India.Total commercial paper outstanding stood at ₹6.53 lakh crore as of September 15. That is up from ₹5.27 lakh crore a year earlier.Commercial paper is a short-term, unsecured debt instrument that companies issue to raise funds quickly, typically maturing within a year. Companies often use it to meet working capital needs or refinance existing debmmercial paper outstanding DateOutstandingMar 31, 2024₹3.89 lakh croreSep 15, 2025₹5.27 lakh croreMar 31, 2026₹4.60 lakh croreSep 15, 2026₹6.53 lakh croreSource: Reserve Bank of IndiaIssuance in the fortnight through September 15 alone stood at ₹1.85 lakh crore. That was more than double the ₹91,579 crore issued in the previous fortnight.The increase comes amid lower short-term funding costs. The RBI cut its policy rate by a cumulative 100 basis points between April and December 2025. The banking system has since seen a sharp inflow of liquidity, with banks mobilising about $133 billion through FCNR-B deposits after the RBI opened its concessional swap window in June.The lower end of the discount-rate range on commercial paper dropped to 5.25% as of mid-September, down from 7.09% two years earlier.CP Discount Rate Range: Top versus Weaker-Rated BorrowersDateTop-rated Weaker-rated Sep 20247.09%12.88%Sep 20255.72%11.97%Sep 20265.25%12.14%Source: Reserve Bank of IndiaRecent issuances show that top-rated companies have been able to access the commercial paper market at rates close to the lower end of the current range. For instance, NTPC Ltd. issued 40-day CP at 5.60% on September 9, while Power Finance Corporation Ltd. raised 90-day paper at 5.94%.Rates for weaker-rated borrowers, meanwhile, stayed closer to 12%.Net new commercial paper financing to non-financial companies, however, has not kept pace with the rise in outstanding balances. Such flows totaled ₹7,948 crore in the year ended March 2026, down from ₹18,819 crore a year earlier, separate RBI data showed.That suggests much of the recent growth reflects refinancing of maturing paper rather than fresh borrowing.
截至9月中旬，商业票据贴现率区间的下限降至5.25%，而两年前为7.09%。商业票据贴现率区间：顶级评级与较弱评级借款人对比2024年9月：顶级评级7.09%，较弱评级12.88% 2025年9月：顶级评级5.72%，较弱评级11.97% 2026年9月：顶级评级5.25%，较弱评级12.14%来源：印度储备银行近期发行情况显示，顶级评级公司能够以接近当前区间下限的利率进入商业票据市场。例如，国家电力有限公司（NTPC Ltd.）于9月9日以5.60%的利率发行了40天期商业票据，而电力金融公司（Power Finance Corporation Ltd.）
Outstanding commercial paper issued by Indian companies climbed 24% from a year earlier as a surge in banking-system liquidity lowered the cost of short-term funding, according to data from the Reserve Bank of India.Total commercial paper outstanding stood at ₹6.53 lakh crore as of September 15. That is up from ₹5.27 lakh crore a year earlier.Commercial paper is a short-term, unsecured debt instrument that companies issue to raise funds quickly, typically maturing within a year. Companies often use it to meet working capital needs or refinance existing debmmercial paper outstanding DateOutstandingMar 31, 2024₹3.89 lakh croreSep 15, 2025₹5.27 lakh croreMar 31, 2026₹4.60 lakh croreSep 15, 2026₹6.53 lakh croreSource: Reserve Bank of IndiaIssuance in the fortnight through September 15 alone stood at ₹1.85 lakh crore. That was more than double the ₹91,579 crore issued in the previous fortnight.The increase comes amid lower short-term funding costs. The RBI cut its policy rate by a cumulative 100 basis points between April and December 2025. The banking system has since seen a sharp inflow of liquidity, with banks mobilising about $133 billion through FCNR-B deposits after the RBI opened its concessional swap window in June.The lower end of the discount-rate range on commercial paper dropped to 5.25% as of mid-September, down from 7.09% two years earlier.CP Discount Rate Range: Top versus Weaker-Rated BorrowersDateTop-rated Weaker-rated Sep 20247.09%12.88%Sep 20255.72%11.97%Sep 20265.25%12.14%Source: Reserve Bank of IndiaRecent issuances show that top-rated companies have been able to access the commercial paper market at rates close to the lower end of the current range. For instance, NTPC Ltd. issued 40-day CP at 5.60% on September 9, while Power Finance Corporation Ltd. raised 90-day paper at 5.94%.Rates for weaker-rated borrowers, meanwhile, stayed closer to 12%.Net new commercial paper financing to non-financial companies, however, has not kept pace with the rise in outstanding balances. Such flows totaled ₹7,948 crore in the year ended March 2026, down from ₹18,819 crore a year earlier, separate RBI data showed.That suggests much of the recent growth reflects refinancing of maturing paper rather than fresh borrowing.
关键数据：短期融资工具（如商业票据）的利率在90天内上升至5.94%；而信用评级较低的借款人的利率则仍维持在约12%的水平。然而，非金融企业的新增商业票据融资额并未随着未偿还债务余额的增加而同步增长。根据印度储备银行（RBI）的统计数据，截至2026年3月的年度内，非金融企业的新增商业票据融资总额仅为79.48亿卢比，而去年同期这一数字为188.19亿卢比。这表明近期融资增长的很大一部分实际上是对到期债务的再融资，而非新的借款行为。
Outstanding commercial paper issued by Indian companies climbed 24% from a year earlier as a surge in banking-system liquidity lowered the cost of short-term funding, according to data from the Reserve Bank of India.Total commercial paper outstanding stood at ₹6.53 lakh crore as of September 15. That is up from ₹5.27 lakh crore a year earlier.Commercial paper is a short-term, unsecured debt instrument that companies issue to raise funds quickly, typically maturing within a year. Companies often use it to meet working capital needs or refinance existing debmmercial paper outstanding DateOutstandingMar 31, 2024₹3.89 lakh croreSep 15, 2025₹5.27 lakh croreMar 31, 2026₹4.60 lakh croreSep 15, 2026₹6.53 lakh croreSource: Reserve Bank of IndiaIssuance in the fortnight through September 15 alone stood at ₹1.85 lakh crore. That was more than double the ₹91,579 crore issued in the previous fortnight.The increase comes amid lower short-term funding costs. The RBI cut its policy rate by a cumulative 100 basis points between April and December 2025. The banking system has since seen a sharp inflow of liquidity, with banks mobilising about $133 billion through FCNR-B deposits after the RBI opened its concessional swap window in June.The lower end of the discount-rate range on commercial paper dropped to 5.25% as of mid-September, down from 7.09% two years earlier.CP Discount Rate Range: Top versus Weaker-Rated BorrowersDateTop-rated Weaker-rated Sep 20247.09%12.88%Sep 20255.72%11.97%Sep 20265.25%12.14%Source: Reserve Bank of IndiaRecent issuances show that top-rated companies have been able to access the commercial paper market at rates close to the lower end of the current range. For instance, NTPC Ltd. issued 40-day CP at 5.60% on September 9, while Power Finance Corporation Ltd. raised 90-day paper at 5.94%.Rates for weaker-rated borrowers, meanwhile, stayed closer to 12%.Net new commercial paper financing to non-financial companies, however, has not kept pace with the rise in outstanding balances. Such flows totaled ₹7,948 crore in the year ended March 2026, down from ₹18,819 crore a year earlier, separate RBI data showed.That suggests much of the recent growth reflects refinancing of maturing paper rather than fresh borrowing.