ICICI Bank doubles borrowing from overseas markets to $5 billion

India's ICICI Bank said on Friday its board approved doubling the limit for overseas borrowings to $5 billion, as the country's second-largest private lender ‌ramps ⁠up fundraising ⁠in international markets.

Indian banks have ​accelerated overseas fundraising after the Reserve Bank ​of India brought forward the closure of a foreign-exchange swap ​facility to August 31 ⁠from the ‌end of September.

Private and state-run lenders were on ⁠track to raise at least $5 billion through dollar bonds and loans, bankers told Reuters earlier this week.


ICICI Bank has already raised $2.05 billion through dollar debt in the past month, ‌the most among Indian banks since the RBI announced ​the swap ​window ⁠in early June.

Earlier this week, ICICI Bank raised $750 million through five-year dollar bonds, its third dollar fundraising in a month, two merchant bankers told Reuters on Tuesday.