SBI, Axis among lenders eyeing $2bn ECB raise
Synopsis Major Indian banks, including SBI, Axis Bank, and Bank of Baroda, alongside Power Finance Corporation, are set to raise over $2 billion from overseas
Synopsis Major Indian banks, including SBI, Axis Bank, and Bank of Baroda, alongside Power Finance Corporation, are set to raise over $2 billion from overseas markets next week. This move capitalizes on the Reserve Bank of India's 1.5% fixed-rate swap incentive for external commercial borrowings, aimed at bolstering the rupee. HDFC Bank's recent successful dollar bond sale has spurred this wave of fundraising.
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