State Bank of India eyes $10 bn from NRIs, foreign investors

NEW DELHI: As RBI’s concessional swap window draws to a close this month end, State Bank of India (SBI) chairman CS Setty has expressed confidence that the bank would garner about $10 billion from non-resident Indians and foreign investors.

“In aggregate, we must be reaching the $10 billion mark, predominantly coming from the deposit side. But there is visibility of ECBs. ECB, of course, will have a longer period available to us, but by August 31, we should have mobilised around $9-10 billion on a consolidated basis,” he said.

Earlier this month, the Reserve Bank of India advanced the closure of the Foreign Currency Non-Resident Bank (FCNR-B) deposits swap window by a month to August 31 as against the earlier cut-off date of September 30.

However, the special US Dollar-Rupee forex swap window to give cheap currency hedging support to public sector undertakings (PSUs) raising External Commercial Borrowings (ECBs) is available till December 31, 2026.

Talking about SBI’s Vision 2030 strategy, Setty said the bank aspires to double its total business to around Rs 200 lakh crore, when the country’s biggest lender celebrates its platinum jubilee.

SBI crossed the landmark of Rs 100 lakh crore total business, which is an aggregate of total loans and advances, in the second quarter of the last financial year. This further increased to Rs 110.01 lakh crore at the end of June 2026.

Whether the bank had set a specific target for its platinum jubilee year, Setty said there was no formal milestone, but the bank’s growth trajectory could take its total business to Rs 170180 lakh crore and potentially as high as Rs 200 lakh crore by 2030.