HSBC Holdings Plc and ICICI Bank Ltd. in GIFT City have emerged as the biggest lenders to India’s vast diaspora under a special foreign-exchange swap program. This development signals the financial hub’s growing role in channeling global capital into the country.

India’s ICICI Bank Ltd. has launched a syndicated offshore loan of about $1.45 billion, according to people familiar with the matter. This move joins a growing number of local banks tapping overseas debt to capitalize on a central bank facility that lowers hedging costs.

ICICI Bank Ltd. posted better-than-expected results as India’s second-largest private-sector lender benefited from healthy loan growth across retail and corporate segments.