ICICI Bank has doubled its overseas borrowing limit to $5 billion, strengthening its ability to raise funds in global debt markets. The move comes after the Reserve Bank of India advanced the closure of its concessional swap window for foreign currency deposits to August 31, 2026. This decision gives ICICI Bank more flexibility to issue bonds, notes and offshore certificates of deposit under its $7.5 billion medium‑term note programme.
Earlier this year, ICICI Bank raised $750 million through five‑year US dollar bonds, priced at 105 basis points above US Treasuries, with a coupon of 5.46%. The issue was oversubscribed 2.3 times, showing strong investor demand. With this, ICICI Bank’s total overseas fundraising in 2026 has reached $2.05 billion.
The expanded borrowing limit will help the bank support credit growth and reduce reliance on costly domestic deposits. It also positions the bank to benefit from favourable global liquidity conditions. Other Indian lenders are also active in international markets. HDFC Bank recently raised $1.75 billion, marking its largest overseas bond sale since 2008.
This development highlights the growing importance of global debt markets for Indian banks. By tapping international investors, lenders can diversify funding sources, lower borrowing costs and strengthen their balance sheets.