Indian lenders and corporates have urged the central bank to consider a dedicated hedging support framework to revive offshore debt fundraising, multiple banking officials told ET, after external commercial borrowings (ECBs) slowed to $43 billion in FY26 from $61 billion the previous fiscal. Bankers have made informal representations to the Reserve Bank of India (RBI) over the past two weeks, seeking mechanisms to reduce effective hedging costs, which they say have made overseas borrowing significantly more expensive than domestic funding despite ample global liquidity. “The issue today is not liquidity or availability of capital.