State Bank of India targets $10 billion from NRIs and foreign investors ahead of swap window closure

State Bank of India (SBI) expects to garner approximately $10 billion from non-resident Indians (NRIs) and foreign investors as the Reserve Bank of India's (RBI) concessional swap window draws to a close at the end of August.

SBI Chairman C S Setty stated that the bank anticipates reaching the $10 billion milestone predominantly through deposits, alongside visibility from External Commercial Borrowings (ECBs). Speaking to PTI, Setty noted that on a consolidated basis, the bank should mobilize around $9 to $10 billion by August 31.

Earlier this month, the RBI advanced the closure of the Foreign Currency Non-Resident Bank (FCNR-B) deposits swap window by a month to August 31, moving the previous cut-off date from September 30. Meanwhile, the special US Dollar-Rupee forex swap window designed to provide currency hedging support to public sector undertakings raising ECBs remains available until December 31, 2026.

During the interaction, Setty also discussed the bank's long-term roadmap under its Vision 2030 strategy, coinciding with the institution's platinum jubilee. SBI was originally established on July 1, 1955, through an Act of Parliament that provided for the transfer of the undertaking of the Imperial Bank of India.

The lender crossed the landmark of ₹100 lakh crore in total business—encompassing total loans and advances—during the second quarter of the previous financial year. That figure further increased to ₹110.01 lakh crore by the end of June 2026.

Looking ahead to its platinum jubilee year, Setty stated that while there is no formal milestone target, the bank's current growth trajectory could elevate total business to ₹170 to ₹180 lakh crore, and potentially reach ₹200 lakh crore by 2030.

According to Setty, the scale of SBI's operations remains closely tied to the broader Indian economy. He noted that if the Indian economy maintains a growth rate of 7 to 8 percent, SBI's balance sheet has the potential to expand by 11 to 12 percent annually.

Emphasizing this correlation, Setty pointed out that a steady balance sheet expansion rate could effectively double SBI's overall business every six years, making the ₹200 lakh crore target a realistic possibility by the end of the decade.

"State Bank of India's ability to mobilize nearly $10 billion ahead of the RBI's swap window deadline underscores the deep liquidity and confidence within institutional and NRI channels. Furthermore, aligning the bank's Vision 2030 growth targets with the broader macroeconomic growth of 7 to 8 percent demonstrates a disciplined, long-term approach to scaling. For the broader financial and entrepreneurial ecosystem, stable institutional banking liquidity provides a strong foundation for credit availability, economic expansion, and sustained business activity across sectors." — Dr. Shishir Gupta, Founder & CEO, StartupLanes