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During this time period, two private lenders and one state-run bank have used these bonds to raise funds from the market. The nation's largest lender, State Bank of India, raised $1.22 billion in the largest such offering last week. Analysts estimate that Indian banks have raised $2 billion in infrastructure bonds in the last two weeks, anticipating a revival in private capital expenditure and increased government spending. During this time period, two private lenders and one state-run bank have used these bonds to raise funds from the market. The nation's largest lender, State Bank of India, raised $1.22 billion in the largest such offering last week. Demand for infrastructure funds is increasing as economic activity improves, said Ajay Manglunia, managing director and head of JM Financial's investment grade group. As a result, banks focused on this sector are raising large sums of money that will be deployed, Manglunia added. Long-term development projects are funded with infrastructure bonds. ICICI Bank, which completed a 50 billion rupee seven-year bond issue this week, and Kotak Mahindra Bank, which raised 15 billion, are two other banks that raised similar funds. Several private lenders, including Axis Bank and HDFC Bank, are also planning infrastructure bonds in the coming weeks, according to merchant bankers who spoke on the condition of anonymity because their plans have not been finalised. Both banks were unavailable for comment immediately. In August-September, ICICI Bank and Bank of Baroda both entered the market, raising a total of 31 billion rupees. Given the shape of their balance sheet and all this push for capex activity, banks are trying to fund their credit growth as economic activity picks up, said Pankaj Pathak, fund manager, fixed income at Quantum Mutual Fund. If credit growth remains healthy, there will be more bond issuances, Pathak added. The Indian economy grew by 6.3% in July-September and is expected to grow by 6.8% this fiscal year, despite slowing private consumption and investment due to rising inflation.