Story thread · 2 reports / 2 sources

Banks ride RBI swap wave to raise $12 billion via overseas debt

economictimes.indiatimes.com · 11hShare

Mumbai: Indian banks have already raised an eye-popping $12 billion abroad this year, taking advantage of the central bank's one-time swap facility, and global appetite for top-notch local banking papers should help lenders raise even more funds at competitive rates ahead of the August 31 deadline for special forex deposits, bankers said.Overall, $17 billion of total debt raised in 2026 from India is on track to surpass the $22 billion garnered in 2021 - and dwarfs the $5 billion raised in 2025.This week was the busiest for forex debt issuance by Indian lenders. ICICI Bank, Kotak Mahindra Bank, IDFC First Bank, HDFC Bank and Bank of Baroda together raised a massive $4.4 billion, and the bulk of the proceeds may be used to help fund the leverage for foreign currency non-resident (bank) [FCNR (B)] deposits.FCNR-B deposits booked by August 31 qualify for the swap support.133412045HDFC Bank raised $1.75 billion Thursday, the largest by any Indian bank, in an issue that followed the $750 mi

First report: HDFC Bank, ICICI, Axis Bank, KMB: Why Antique prefers large private banks over PSU lenders — businesstoday.in, 3d