Board approves MTN Programme of up to USD 1 billion for foreign currency fund raising

The Board approved raising foreign currency funds by setting up a Medium-Term Note (MTN) Programme of up to USD 1 billion, and issuing bonds under it.

Tue 29 Sep 2026

MTN Programme Ceiling

USD 1 billion

Board Meeting Date

29.09.2026

Board Meeting Time

02:30 p.m. to 04:30 p.m.

Instrument Type

Medium-Term Note (MTN) Programme and bonds

What was decided

The Board of Directors approved raising foreign currency funds through the establishment of a Medium-Term Note (MTN) Programme upto USD 1 billion and the issuance of bonds thereunder.

What an MTN Programme is

• It is a standing framework under which a bank can issue bonds to overseas investors in tranches, over time, without setting up fresh documentation each time.
• The USD 1 billion figure is a ceiling for the programme, not an amount raised on the day of the decision.
• Funds raised this way are borrowings (debt), so they do not change the number of equity shares or existing shareholders' ownership percentage.

Why investors watch this

• Access to foreign currency funds can diversify a bank's funding sources beyond domestic deposits and rupee bonds.
• Borrowing in foreign currency brings cost and currency considerations that depend on the terms of each issuance.

Meeting details

• The Board meeting was held on 29.09.2026.
• It commenced at 02:30 p.m. and concluded at 04:30 p.m.

The update was submitted to BSE and NSE under Regulation 30 and 51 of SEBI (LODR) Regulations, 2015.

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