Indian banks tap RBI’s 1.5% swap to raise $2 bn overseas
SBI, Axis Bank, Bank of Baroda and Power Finance Corp are set to raise more than $2 bn through external commercial borrowings, leveraging RBI’s 1.5% fixed‑rate swap incentive. The move launches a busy ECB fundraising week, with daily large issues expected, bolstering dollar inflows and easing rupee pressure.