ICICI Bank Doubles Overseas Borrowing Limit to $5 Billion

The board of ICICI Bank Limited approved a revised overseas borrowing limit of up to $5 billion on August 21, 2026. This decision doubles the previous $2.5 billion cap established on July 18, enabling the bank to raise funds through the issuance of bonds, notes, and offshore certificates of deposit in international markets.

The bank stated the program provides additional flexibility to access global debt markets based on funding requirements and market conditions. While the limit is set, the bank has not yet specified the timing, pricing, or size of individual issuances.

This move aligns with a broader trend among Indian lenders diversifying their funding sources. Other institutions, including HDFC Bank, IDFC First Bank, and Kotak Mahindra Bank, have recently executed overseas bond issuances. These activities are supported by the Reserve Bank of India, which provides a concessional swap window for external commercial borrowings available through the end of 2026.