Now Reading: SBI expects $10 billion NRI inflow, RBI data shows 22% fall
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SBI expects $10 billion NRI inflow, RBI data shows 22% fall
State Bank of India Chairman C S Setty has said the bank expects to garner about $10 billion from non-resident Indians and foreign investors by August 31, with most of the inflow coming from deposits. The Reserve Bank of India has advanced the closure of its FCNR-B deposit swap window to August 31 from September 30 to boost foreign currency inflows.
However, RBI data for the first quarter of FY27 shows total NRI deposit inflows fell 22 per cent year-on-year to $2.8 billion, The Hindu Business Line reports. The drop was driven by a 93 per cent plunge in rupee-denominated NRE deposits, while FCNR-B deposits surged 123 per cent to $1.7 billion. Outstanding NRI deposits stood at $169 billion in June.
Indian Opinion Analysis
Times Now leads with SBI's optimistic $10 billion target, framing the RBI's window advance as supportive of the bank's growth. The Hindu Business Line leads with RBI data showing a 22 per cent drop in overall NRI inflows, highlighting the shift from rupee to foreign currency deposits. Times Now omits the Q1 decline entirely. The two reports together show that while the special swap window is driving FCNR-B inflows, it is also pulling funds away from NRE accounts, flattening total NRI deposits. The RBI's August 31 deadline will test whether SBI's target can be met.
Coverage: 2 sources, 2 neutral
Sources (2): timesnownews.com (neutral report), thehindubusinessline.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
Updated: this story now draws on 2 sources.
