State Bank of India has raised $1 billion. This is  the largest dollar-denominated syndicated loan this year from India.

The borrower opted not to exercise a greenshoe option to increase the five-year facility by as much as $250 million, Bloomberg reported quoting sources.

Foreign-currency loans taken out by Indian issuers have declined 30% to $3.2 billion so far in 2025 from the year-earlier period, and are running at a four-year low, according to Bloomberg-compiled data. 

But that trend could soon reverse, with billionaire Mukesh Ambani's conglomerate Reliance Industries in the market for a loan of as much as $3 billion, Bloomberg reported. 

Non-banking financial companies NBFCs are increasingly tapping the dollar-denominated facilities.