External commercial borrowings (ECBs) by Indian firms declined by 32 per cent to $2.61 billion in September as per the Reserve Bank data. The borrowings were at $3.18 billion in the same month last year. However, ECBs raised by Indian firms in August this year were significantly lower at $750.77 million, as per RBI data. Of the total amount raised during last month, $1.48 billion was through approval route, while $1.13 billion came via automatic route.