SBI eyes $10 billion from NRIs, foreign investors as RBI swap window closes

State Bank of India (SBI) expects to mobilise around $9-10 billion from non-resident Indians (NRIs) and foreign investors by August 31, as the Reserve Bank of India’s (RBI) concessional foreign currency swap window for FCNR(B) deposits approaches closure, SBI Chairman C S Setty said.

“In aggregate, we must be reaching the USD 10 billion mark, predominantly coming from the deposit side. But there is visibility of ECBs,” Setty told PTI in an interview. He said SBI should mobilise around $9-10 billion on a consolidated basis by the end of August.

The RBI earlier this month advanced the closure of the Foreign Currency Non-Resident Bank (FCNR-B) deposit swap window by a month to August 31 from the earlier September 30 deadline.

The special USD-Rupee forex swap facility for PSUs raising External Commercial Borrowings (ECBs), however, will remain available until December 31, 2026.

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RBI swap scheme

The RBI’s special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and ECBs was launched on June 8, 2026. According to the figures provided, the facility had mobilised $73 billion in total foreign exchange inflows as of August 21.

FCNR(B) deposits alone accounted for $65.40 billion, underlining the strong response from NRIs. The mobilisation has also significantly exceeded the roughly $26 billion raised through the RBI’s 2013 FCNR(B) swap scheme, according to the statement.

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The strong inflows prompted the RBI to advance the closure of the FCNR(B) window to August 31, bringing the scheme to an earlier-than-expected conclusion.

SBI eyes ₹200 lakh crore business

Alongside the foreign currency mobilisation, Setty outlined SBI’s longer-term growth ambitions under its Vision 2030 strategy.

The country’s largest lender could potentially double its total business to around ₹200 lakh crore by 2030, when SBI celebrates its platinum jubilee. The bank’s total business, comprising loans and advances and other banking business, crossed ₹100 lakh crore in the second quarter of the previous financial year and stood at ₹110.01 lakh crore at the end of June 2026.

Setty said SBI’s current growth trajectory could take total business to ₹170-180 lakh crore by 2030, with the possibility of reaching ₹200 lakh crore.

Economy to drive balance-sheet growth

Setty linked SBI’s growth prospects closely to the performance of the Indian economy.

“For a bank of our size, scale is imminent, and it is fully intertwined with what is happening in the Indian economy,” he said.

According to Setty, if the Indian economy continues to grow at 7-8%, SBI’s balance sheet could expand by around 11-12% annually.

He said such a growth rate would potentially allow SBI’s balance sheet to double every six years. On that trajectory, the bank could reach the ₹200 lakh crore overall business mark by 2030, making it another significant milestone in SBI’s growth journey.

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