ICICI Bank board approves up to 5 billion dollar overseas borrowing

The board of ICICI Bank has approved a proposal to double its overseas borrowing limit to 5 billion US dollars to fund credit growth.

The private lender has already received ratings for its upcoming 750 million dollar Senior Notes issuance through its GIFT City unit.

ICICI Bank joins other major Indian lenders rushing to secure foreign currency loans before the Reserve Bank of India's swap window deadline.