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

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.