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.
The Reserve Bank of India, earlier this month, has 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.
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 any specific targets by the bank for platinum jubilee year milestone, SBI chief said there was no formal milestone, but the bank’s growth trajectory could take its total business to Rs 170-180 trillion and potentially as high as Rs 200 trillion by 2030.
“We don’t have any milestone, but if you take the current growth rate, I think we should be around Rs 170-180 trillion, or maybe reaching Rs 200 trillion. That would be another important milestone,” he said as quoted by PTI.
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.
“If the Indian economy grows at 7-8 per cent and our balance sheet has a potential to grow at 11-12 per cent, 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 trillion overall business,” he added.
(With Agency Inputs)
SBI To Garner Nearly $10 Billion From NRI, Foreign Investors: SBI Chairman
