India will raise as much as $10 billion from its first overseas sovereign bond, reported Bloomberg, citing economic affairs secretary Subhash Garg. Finance minister Nirmala Sitharaman in her Budget speech said that the government will increase borrowing in the external markets in foreign currencies.

Garg said he does not see external foreign currency borrowing to exceed 10-15 percent of the total borrowing, which makes it roughly about $10 billion, reported Bloomberg.

FM also said that the government has kept unchanged its target to borrow Rs 7.1 lakh crore this fiscal year.

Reserve Bank of India to provide a required liquidity backstop to the banks against their excess govt-securities holdings, according to a statement issued by the RBI.

Prime Minister Narendra Modi faces shrinking options to raise funds as a slowing economy crimps tax revenue, while investors have been concerned about his plans to borrow this fiscal year.