SBI Eyes $10 Bln From Nris, Foreign Investors Ahead Of RBI Swap Window Closure

As RBI's concessional swap window draws to a close this month end, State Bank of India (SBI) Chairman C S Setty has expressed confidence that the bank would garner about $10 billion from non-resident Indians and foreign investors.

"In aggregate, we must be reaching the $10 billion mark, predominantly coming from the deposit side. But there is visibility of ECBs. ECB, of course, will have a longer period available to us, but by August 31, we should have mobilised around $9-10 billion on a consolidated basis," he told PTI in an interview.

Earlier this month, the Reserve Bank of India advanced the closure of the Foreign Currency Non-Resident Bank (FCNR-B) deposits swap window by a month to August 31 as against the earlier cut-off date of September 30.

However, the special US Dollar-Rupee forex swap window to give cheap currency hedging support to public sector undertakings (PSUs) raising External Commercial Borrowings (ECBs) is available till December 31, 2026.

Talking about SBI's Vision 2030 strategy, Setty said the bank aspires to double its total business to around ₹200 lakh crore, when the country's biggest lender celebrates its platinum jubilee.

SBI was set up on July 1, 1955 through an Act of Parliament, which, among other things, provided for the transfer of the undertaking of the Imperial Bank of India.

The bank crossed the landmark of ₹100 lakh crore total business, which is an aggregate of total loans and advances, in the second quarter of the last financial year. This further increased to ₹110.01 lakh crore at the end of June 2026.

Whether the bank had set a specific target for its platinum jubilee year, Setty said there was no formal milestone, but the bank's growth trajectory could take its total business to ₹170-180 lakh crore and potentially as high as ₹200 lakh crore by 2030.

"We don't have any milestone, but if you take the current growth rate, I think we should be around ₹170-180 lakh crore, or maybe reaching ₹200 lakh crore. That would be another important milestone," he said.

Setty said the scale of SBI's operations is closely linked 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.

He noted that if the Indian economy continues to grow at 7-8%, SBI's balance sheet has the potential to expand around 11-12% annually.

"If the Indian economy grows at 7-8% and our balance sheet has a potential to grow at 11-12%, it means -- again coming to my favourite theme -- that every six years SBI's balance sheet gets doubled. So I think it's potentially possible by 2030, we may have ₹200 lakh crore overall business," he said.