# Indian banks’ dollar bond sales hit record $8 billion 2026-08-17T13:31:36+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet Indian financial institutions have sold a record $8 billion in dollar bonds this year, surpassing the previous high of $7.92 billion set in 2019, according to Bloomberg data. The sales have been driven by banks tapping foreign markets and taking advantage of a low-cost forex swap facility introduced by the Reserve Bank of India in early June. At least four institutions, including State Bank of India, ICICI Bank and Axis Bank, raised funds through dollar bonds in August alone, making it the busiest month on record for such borrowing. The RBI's special facility, aimed at supporting the weakening rupee, boosting domestic liquidity and aiding credit growth, offers a fixed annual rate of 1.5% on borrowings with an average maturity of at least three years. The facility is available until December 31, prompting banks to accelerate bond issuances. Separately, the RBI closed a different foreign currency deposit scheme a month ahead of schedule on Friday, leading to a decline in short-term Indian bonds amid liquidity concerns. Nomura Holdings analyst Nicholas Yap said the rush to sell dollar bonds is also driven by banks seeking to attract deposits from overseas Indians. Kotak Mahindra Bank and Yes Bank have appointed advisors for potential large dollar bond sales. Citigroup noted that both private and public sector banks are benefiting from strong global investor demand, with recent deals closing at better-than-expected rates, indicating continued foreign interest in Indian banking. ## Coverage - bazaar.businesstoday.in This story was synthesised by AI from the source linked above. Tags: Axis Bank, ICICI Bank, Kotak Mahindra Bank, Reserve Bank of India, State Bank of India, Yes Bank Canonical: https://indianopinion.org/indian-banks-dollar-bond-sales-hit-record-8-billion/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/indian-banks-dollar-bond-sales-hit-record-8-billion/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes. How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/