ICICI Bank joins Indian banks chasing dollar loans as demand swells

India's ICICI Bank Ltd. has launched a syndicated offshore loan of approximately $1.45 billion, seeking to capitalize on a central bank facility that lowers hedging costs. This move follows a $1 billion bond sale last month and aligns with a trend of Indian financial institutions tapping overseas debt markets due to measures introduced by the Reserve Bank of India to attract foreign-currency inflows and shore up the rupee. The concessional foreign-exchange swap facility offered by the RBI is set to close by December 31, driving a rush among banks to secure dollar funding.