SBI expects to mobilise about $10b via FCNR(B) deposits by Sept-end 2026

State Bank of India Chairman CS Setty
| Photo Credit:
PTI

State Bank of India (SBI) should be able to mobilise around $10 billion through Foreign Currency Non‑Resident (Bank) [FCNR(B)] deposits by the end of September 2026, thanks to the RBI’s limited‑period concessional swap facility, according to Chairman CS Setty, based on the current pace of activity.

These FCNR(B) inflows will give India’s biggest bank a clearer view of its liquidity position and help it cut down on reliance on bulk deposits.

Setty noted that, while SBI does not set a specific target for FCNR(B) deposits, it has already gathered nearly $6 billion since June 8^th up to the present.

Regarding support for NRI customers who wish to place fresh FCNR‑B deposits with the bank, the SBI chief said the assistance is extended through SBI’s domestic branches as well as its GIFT City operations.

“We also have a stand‑by letter of credit (SBLC) product, although it is not widely used at the moment….We have raised one billion dollars via the overseas foreign‑currency borrowing route, but our immediate priority is to fund FCNR(B) deposits,” he said.

Setty emphasised that, with the bank’s excess liquidity (surplus statutory liquidity ratio/SLR securities amounting to ₹3.09 lakh crore), the present 10‑11 % deposit growth rate will comfortably sustain the required funding for 14‑15 % credit growth. He expects the surplus SLR to increase to about ₹4 lakh crore.

The SBI chief stated: “I think we have mobilised a good amount of FCNR‑B deposits and we have clear visibility on future mobilisation…We do not anticipate any interest‑rate change on these deposits.”

Setty observed that large banks capable of attracting FCNR(B) deposits can lessen their dependence on bulk/wholesale deposits, which carry differential interest rates across banks.

Published on August 7, 2026