State Bank of India (SBI) has completed a $300 million issuance of three-year senior unsecured floating rate notes, marking a significant move to secure foreign currency funding.
The transaction, concluded on June 29, is part of the lender's broader strategy to attract foreign currency deposits amid a competitive landscape for dollar inflows in India.
The issuance comes as Indian banks intensify efforts to raise capital from non-resident sources.
SBI, the country's largest lender by assets, is leveraging its strong credit profile to access international debt markets.
The floating rate structure allows the bank to manage interest rate risk while securing long-term funding for its foreign currency operations.
This move aligns with a wider trend among Indian financial institutions seeking to deepen their foreign currency deposit base.