Published: 4 October 2026
StartupFeed Quick Take
- NABKISAN raised Rs 180 crore through the NABKISAN WASH bond, India’s first social bond only for water, sanitation and hygiene.
- The issue was oversubscribed 1.8 times and carries an 8.10% coupon over five years.
- The bond listed on the NSE on October 1, 2026 and matures in September 2031.
NABKISAN Finance Limited has raised Rs 180 crore in Mumbai through the NABKISAN WASH bond, India’s first social bond built only for water, sanitation and hygiene work.
The Finance Ministry said on Saturday that the issue was oversubscribed 1.8 times. NABKISAN is a subsidiary of the National Bank for Agriculture and Rural Development, or NABARD.
The five-year bond carries a coupon of 8.10% and matures in September 2031. It listed on the National Stock Exchange on October 1, 2026.
Two agencies gave it the top domestic grade: CRISIL AAA (Stable) and CARE AAA (Stable). That is the highest rating either agency assigns.
The money will pay for safe water, sanitation and hygiene solutions in rural and underserved areas. Such work has long leaned on public and institutional money, not the bond market.
Water.org acted as the technical advisor and knowledge partner on the deal. The listing ceremony drew people from NABARD, NABKISAN, Water.org, the Trust Group and the NSE.
At 8.10%, the yearly interest on Rs 180 crore works out to about Rs 14.6 crore. Over the full five years that is close to Rs 73 crore, if the whole amount stays outstanding.
Immanuvel Ganesan, Managing Director and chief executive of NABKISAN, said the deal showed what capital markets can do for development sectors. He spoke at the listing.
Shaji Krishnan V, Chairman of NABARD, put the point this way:
“The successful issuance of the WASH Bond demonstrates the potential of innovative financing mechanisms in addressing critical development priorities.”
Shaji Krishnan V, Chairman, NABARD. From the NABARD statement, October 4, 2026.
What this means for you: If you build or fund WASH, agritech or rural-impact ventures, a new debt route just opened. Watch for more targeted social bonds as this one priced at 8.10% and still drew 1.8 times demand.
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