The International Finance Corporation, IFC, a member of the World Bank Group, On Wednesday announced the launch of a 1 billion US Dollar offshore rupee bond programme to strengthen India's capital markets and attract greater foreign investment. Said to be the largest of its kind in the offshore rupee market, IFC under the programme will issue rupee-linked bonds and use the proceeds to finance private sector investment in the country. IFC's CEO Jin-Yong Cai said, this programme will help bring depth and diversity to the offshore rupee market and pave the way for an alternative source of funding for Indian companies. Arvind Mayaram, Secretary of Economic Affairs in the Union Finance Ministry said, this is a new initiative for the intermediation of international savings for development in India. He said, it will also help deepen the capital markets in India and establish an Indian rupee benchmark in the global markets.