NABKISAN Finance Ltd, a subsidiary of the National Bank for Agriculture and Rural Development (NABARD), listed India’s first Water, Sanitation, and Hygiene (WASH) social bond on the National Stock Exchange (NSE). The proceeds of this social bond are exclusively earmarked for funding projects that improve clean water access, sanitation facilities, and hygiene infrastructure. This issuance marks a significant milestone in India’s sustainable finance sector, leveraging the “use-of-proceeds” model where the debt obligation remains with the issuer while generating measurable, positive social outcomes for underserved communities.