Now Reading: SBI expects $10 billion from NRIs, foreign investors by August
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SBI expects $10 billion from NRIs, foreign investors by August
State Bank of India chairman C S Setty said the bank expects to mobilise about $10 billion from non-resident Indians and foreign investors, predominantly through deposits, by August 31. The Reserve Bank…
State Bank of India chairman C S Setty said the bank expects to mobilise about $10 billion from non-resident Indians and foreign investors, predominantly through deposits, by August 31. The Reserve Bank of India advanced the closure of the Foreign Currency Non-Resident Bank (FCNR-B) deposits swap window by a month to that date, from the earlier deadline of September 30.
A separate special dollar-rupee forex swap window for public sector undertakings raising External Commercial Borrowings (ECBs) remains available till December 31, 2026. Setty said the bank's total business could reach Rs 170-180 lakh crore by 2030, potentially touching Rs 200 lakh crore, driven by the Indian economy growing at 7-8 per cent.
Indian Opinion Analysis
SBI's $10 billion target comes as the RBI tightens the timeline for FCNR-B swaps, a tool that lets banks offer higher deposit rates to NRIs without taking on forex risk. The scheme has been a key source of dollar inflows for India, especially during periods of balance-of-payments stress. With the window now closing in weeks, SBI must rely more on ECB-linked swaps, which run until end-2026, to sustain overseas fundraising. The bank's projection of doubling its balance sheet every six years, to Rs 200 lakh crore by 2030, implies a compound growth rate of roughly 12 per cent, matching its stated potential. That trajectory hinges on sustained GDP expansion of 7-8 per cent, a pace that faces headwinds from global rate cycles and domestic demand. The August 31 deadline will show whether SBI can convert its confidence into actual inflows at a time when global dollar liquidity is tightening.
Source: timesnownews.com
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