ICICI Bank’s board has approved doubling its offshore borrowing limit to $5 billion, joining a race among Indian lenders to capitalise on overseas fundraising after the Reserve Bank of India (RBI) advanced closure of a concessional swap facility on FCNR(B) deposits by a month to August 31 instead of end-September. The country’s second-largest private lender had previously set its borrowing limit at $2.5 billion. “The money will be raised through issuances of bonds, notes and offshore certificates of deposits in overseas markets for a revised limit of up to $5 billion,” the bank said in a stock exchange filing.