Politics · India Bureau
SBI targets $10 billion from NRIs ahead of RBI swap deadline
State Bank of India expects to mobilise approximately $10 billion from non-resident Indian deposits and foreign investors as the Reserve Bank of India's concessional swap window closes this month. The bank is also tracking additional inflows through External Commercial Borrowings channels.
LSN India ·
State Bank of India Chairman C S Setty has expressed confidence that the country's largest lender will attract around $10 billion from non-resident Indians and overseas investors before the Reserve Bank of India winds down its special swap facility on August 31.
In an interview, Setty said the bank expects to mobilise the funds predominantly through deposit channels, with additional visibility on External Commercial Borrowings (ECBs). "By August 31, we should have mobilised around $9-10 billion on a consolidated basis," he stated.
The RBI advanced the closure of its Foreign Currency Non-Resident Bank (FCNR-B) deposits swap window by one month to August 31 from the originally scheduled September 30 deadline. The move was aimed at encouraging deposit inflows before the window shutters.
Separately, a special US Dollar-Rupee forex swap facility designed to provide cost-effective currency hedging support to public sector undertakings raising ECBs remains available until December 31, 2026. This extended window provides additional time for PSUs to lock in favourable borrowing rates.