Indian Banks Raise $12 Billion Abroad Using RBI Swap Facility
· Business · Economic Times, LiveMint
Indian banks have raised $12 billion overseas this year by leveraging the Reserve Bank of India's one-time swap facility. Total debt raised by Indian entities in 2026 has reached $17 billion, putting figures on track to surpass the $22 billion raised in 2021. ICICI Bank, Kotak Mahindra Bank, IDFC First Bank, HDFC Bank, and Bank of Baroda collectively raised $4.4 billion this week alone, with HDFC Bank securing a record $1.75 billion on Thursday. Lenders are using the proceeds primarily to fund leverage for foreign currency non-resident bank deposits booked ahead of the August 31 deadline. Bankers note that strong global demand for local bank debt underscores the robust credit quality of India's banking sector.
Why it matters
The massive overseas fundraising demonstrates strong global appetite for Indian banking debt and bolsters foreign currency reserves ahead of the central bank's swap deadline.
Read the original report — Economic Times
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