Bank of India plans $1 billion OFCBs by December 2026

Business Sep 11, 2026

Bank of India is gearing up to raise $1 billion by December 2026 through overseas foreign currency borrowings (OFCBs).

This move comes right after Reserve Bank of India's earlier deposit scheme wrapped up, and BoI will offer three- and five-year papers to make it happen.

The goal? Tap into global funds while keeping costs in check.

RBI swap gives banks 1.5% subsidy

Thanks to Reserve Bank of India's ECB/OFCB swap facility, banks get a handy 1.5% annual subsidy toward the cost of hedging foreign-currency funding, meaning borrowing from abroad gets cheaper.

The scheme runs until December 31, helping banks access international money without paying sky-high rates at home.