Indian Banks Line Up $2.5 Billion Debt Sales Using RBI Swap
By Saikat Das and Bhaskar Dutta
June 19, 2026 at 5:38 PM GMT+8
At least four lenders including the State Bank of India are preparing to raise about $2.5 billion selling bonds in the coming weeks, tapping a Reserve Bank of India facility that makes it cheaper to borrow dollars, according to people familiar with the matter.
State Bank may raise as much as $1 billion, while Axis Bank, Bank of Baroda and Power Finance Corp. each plan to raise at least $500 million, said the people, who asked not to be identified because the information is private. Most of the borrowing will be for five years, the people said.