NBFCs continue to dominate CP issuances in March; CD borrowings may moderate in FY27: Ind-Ra

Non-banking financial companies actively tapped the commercial paper market in March, driven by year-end funding needs, while corporates adopted a cautious approach due to high borrowing costs and ample internal funds. This trend is expected to continue. Bank certificate of deposit issuances remained stable, suggesting easing short-term funding pressures in the banking sector.