SBI eyes $10 billion from NRIs, foreign investors ahead of RBI swap window closure
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SBI was established on July 1, 1955 by an Act of Parliament that included the transfer of the Imperial Bank of India’s operations.
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NIHARIKA KULKARNI
With the RBI’s concessional swap window closing this month, SBI Chairman C S Setty said he expects the bank to raise roughly $10 billion from NRIs and foreign investors.
Key Takeaways
- SBI Chairman C.S. Setty expects the bank to raise about $10 billion from NRIs and foreign investors before RBI’s swap window closes.
- RBI moved up the FCNR-B deposit swap window closure to August 31 from the earlier September 30 deadline.
- The separate USD-INR forex swap window for PSU ECBs remains open until December 31, 2026.
- Setty said SBI aims to double its total business to about Rs 200 lakh crore around its platinum jubilee under Vision 2030.
In total, we are on track to hit the $10 billion mark, mainly from deposits. ECBs are also visible; though they have a longer horizon, we aim to mobilise about $9‑10 billion on a consolidated basis by 31 August,” he told PTI.
Earlier this month, the RBI moved up the FCNR‑B deposits swap window closure by one month to 31 August, instead of the previous 30 September deadline.
However, the special USD‑INR forex swap window that provides low‑cost hedging for PSUs raising ECBs remains open until 31 December 2026.
Discussing SBI’s Vision 2030, Setty said the bank aims to double its total business to roughly ₹200 lakh crore around the time the nation’s largest lender marks its platinum jubilee.
SBI was created on 1 July 1955 by an Act of Parliament that included the transfer of the Imperial Bank of India’s business.
The bank surpassed the ₹100 lakh crore total‑business milestone (loans plus advances) in Q2 of the previous fiscal year, rising to ₹110.01 lakh crore by the end of June 2026.
Asked if a specific target had been set for the platinum‑jubilee year, Setty said there is no formal milestone, but the current growth path could push total business to ₹170‑180 lakh crore, possibly reaching ₹200 lakh crore by 2030.
“We haven’t set a milestone, but at the present growth rate we should be near ₹170‑180 lakh crore, perhaps even ₹200 lakh crore – another significant milestone,” he said.
Setty noted that SBI’s operational scale is tightly coupled with India’s economic performance.
“For a bank of our size, scale is inevitable and fully linked to developments in the Indian economy,” he said.
He added that if the Indian economy keeps growing at 7‑8 %, SBI’s balance sheet could expand by about 11‑12 % each year.
“If the Indian economy grows at 7‑8 % and our balance sheet can rise 11‑12 %, it means — returning to my favourite point — that SBI’s balance sheet doubles roughly every six years. Hence, by 2030 we could see total business of around ₹200 lakh crore,” he said.
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Published on August 25, 2026
