Archive · 4 Oct 2026
NABKISAN Lists India’s First WASH-Focused Social Bond
NABKISAN raised Rs 180 crore by selling a special kind of bond.
This is India’s first bond devoted only to water, sanitation and hygiene projects.
The bond was listed on the National Stock Exchange.
Investors asked to buy 1.8 times more than the amount offered.
The bond pays an 8.10% coupon and is due in September 2031.
The money is meant to help rural and underserved communities get safer water and better sanitation and hygiene.
The government said these projects are intended to support health, livelihoods and quality of life.
Water.org helped advise on the transaction.
One report said no project-by-project funding details or beneficiary numbers were provided.
NABKISAN Finance Limited listed India’s first social bond dedicated exclusively to water, sanitation and hygiene on the National Stock Exchange.
The issue was oversubscribed 1.8 times and raised Rs 180 crore.
The five-year bond has an 8.10% coupon rate and is due to mature in September 2031.
CRISIL and CARE each assigned the bond an AAA (Stable) rating.
Proceeds are earmarked to expand WASH services in rural and underserved communities; no project-by-project breakdown was provided in one report.
- Who
- NABKISAN Finance Limited, a subsidiary of the National Bank for Agriculture and Rural Development (NABARD).
- What
- Listed India’s first social bond dedicated exclusively to water, sanitation and hygiene, raising Rs 180 crore.
- When
- Listed on October 1; the five-year bond is due to mature in September 2031.
- Where
- On the National Stock Exchange in Mumbai, India.
- Why
- To finance WASH solutions for rural and underserved communities and support improved health, livelihoods and quality of life.
Development financing perspective
Investment and accountability perspective
Purpose and impact
Development financing perspective
NABARD and NABKISAN representatives said the bond can mobilise capital for WASH projects, support rural development and contribute to better health, livelihoods and quality of life.
Investment and accountability perspective
The reports state that proceeds are earmarked for WASH, but one notes that no project-wise allocation or number of villages and beneficiaries was provided.
Investor response
Development financing perspective
NABKISAN’s managing director said capital-market instruments can mobilise resources for development sectors, and the issue was oversubscribed 1.8 times.
Investment and accountability perspective
The bond offers investors a defined 8.10% coupon and September 2031 maturity, while CRISIL and CARE assigned AAA (Stable) ratings; the articles do not report investor concerns.
- Amount raised
- Rs 180 crore
- Subscription
- Oversubscribed 1.8 times
- Bond term
- Five years
- Coupon rate
- 8.10%
- Maturity
- September 2031
- Credit ratings
- CRISIL AAA (Stable) and CARE AAA (Stable)
- Use of proceeds
- WASH solutions in rural and underserved communities; a project-wise allocation and beneficiary count were not specified in one report.
- Technical adviser and knowledge partner
- Water.org
