Mumbai: Axis Bank is raising a total of $700 million through a dual-tranche three-year and five-year loan under the Reserve Bank of India's (RBI) special external commercial borrowing (ECB) swap facility, people familiar with the details said.The loan deal is structured as a club facility in which a few lenders come together to offer a collaborative financing arrangement at jointly agreed terms and tenures."In this case depending on the demand, the deal will be opened for syndication where more lenders could join. The syndication to a wider set of banks will likely start as soon as this week," said a…