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Overview

   

Partial Credit Enhancement (PCE) is designed to strengthen infrastructure bonds by giving issuers a contingent liquidity buffer for servicing the bonds. It acts as a safety valve—accessible only when the bond issuer’s cash flows face temporary mismatches. For infrastructure projects, which often suffer from delayed receivables or uneven revenue during ramp-up, this cushion reduces the probability of default, supports stable credit ratings, and widens access to capital markets. By addressing liquidity risk, PCE allows infrastructure financing to attract a broader investor base at competitive yields.

The RBI’s Non-Fund-Based Credit Facilities Directions, 2025, expand the scope of PCE significantly. It now permits All-India Financial Institutions (AIFIs), scheduled commercial banks, and middle-layer and above NBFCs/HFCs to provide such facilities. Importantly, non-deposit-taking NBFCs/HFCs with assets above ₹1,000 crore are also eligible to avail PCE. The framework removes the earlier 20% sub-limit, enabling a single regulated entity to extend up to 50% PCE support for a bond. Further, REs (regulated entities) must now maintain capital based on the PCE amount and the applicable risk weight for the RE corresponding to the pre-enhanced rating of the bond, rather than the differential method under the old regime. 


Together, these reforms build a more competitive and rational ecosystem for credit enhancement—allowing infrastructure SPVs, corporates, municipal corporations, and NBFCs to mobilize long-term capital with calibrated risk-sharing, while ensuring investors gain comfort without excessive reliance on government or full guarantees.

The upcoming webinar will provide a platform for participants to share views, exchange ideas, and discuss how PCE can reshape infrastructure financing in India.

Key Discussion Points

  • Impact of enhanced scope with more eligible entities
  • Broadening access to insurance/pension money
  • Shift in capital treatment to pre-enhanced rating
  • Implications of allowing a single RE to provide up to 50% PCE per bond

450+Knowledge Sessions

300+Speakers

30000+Attendees

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Who Should Attend

    • Regulators, CMDs, CEOs, MDs, DMDs, EDs of BFSI & FinTechs
    • Government Officials
    • Chief Information Officers (CIOs)
    • Chief Technology Officers (CTOs) & Head of Technology
    • Chief Information Security Officers (CISOs)
    • Chief Innovation Officers (CINOs)
    • Chief Risk Officers (CROs)
    • Chief Operating Officers (COOs)
    • Chief Marketing Officers (CMOs)
    • Chief Digital Officers (CDOs)
    • Chief Data Analytics & AI
    • FRM-Fraud Risk and Management
    • Head of Payments,Cards & Alternate Channels
    • Head of Customer Experience & Management

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Ankit Kumar Singh
ankit.singh@resurgentindia.com

ABOUT COMPANY

Resurgent is a top-tier financial advisory firm for SMEs and large corporates in India. We are market leaders in raising debt and stressed assets advisory. Alongside these, we also offer Funding and Advisory Solutions for NBFCs and the BFSI Sector, besides Credit Rating Advisory. 

Resurgent is empaneled with all state-run and large private banks to conduct TEV and LIE studies and with the Indian Banks’ Association (IBA) for ASM. Our comprehensive services also cover Valuations, Government Advisory, ESG Advisory, Transaction Advisory, and Training. Furthermore, we specialize in Investment Banking, Private Equity, and Capital Market Solutions. We also provide Insolvency and Bankruptcy (IBC) services and Legal Services for Corporates.