ICICI Bank board meets July 18 to discuss $500 million bond
Business
ICICI Bank is gearing up to boost its overseas borrowing, with plans to raise at least $500 million through a likely five-year bond.
The board will talk it over on July 18, and the proposal includes updating limits for bonds, notes, and offshore certificates of deposit in overseas markets.
RBI eases FCNR(B) rules, cheaper swaps
This move follows the Reserve Bank of India's new framework from June 2026, which lets banks raise or renew Foreign Currency Non-Resident Bank (FCNR-B) deposits for three to five years.
The RBI is also offering cheaper swap rates until September 30, making it less expensive for banks like ICICI to borrow dollars abroad.