India's commercial paper market hits ₹6.53 lakh crore, up 24%

India's commercial paper market reached ₹6.53 lakh crore, rising 24% year-on-year, driven by RBI's rate cut and FCNR-B deposit inflows via a concessional swap window opened in June. Issuance spiked in September; NTPC borrowed at 5.60%. However, net new borrowing by non-financial firms stood at just ₹7,948 crore, indicating debt rollover over fresh expansion.