State Bank of India (SBI) is set to mobilize approximately $9-10 billion from non-resident Indians (NRIs) and foreign investors by August 31. This significant inflow is driven by the impending closure of the Reserve Bank of India’s (RBI) concessional foreign currency swap window for FCNR(B) deposits.
The RBI’s special USD-INR forex swap facility, launched on June 8, 2026, has proven highly successful, attracting a total of $73 billion in foreign exchange inflows as of August 21. FCNR(B) deposits alone account for a substantial $65.40 billion of this sum, demonstrating robust demand from NRIs.
SBI has emerged as the largest mobilizer of FCNR(B) deposits among all Indian banks. SBI Chairman C S Setty confirmed the bank's expectations, stating, “In aggregate, we must be reaching the USD 10 billion mark, predominantly coming from the deposit side.”
Originally scheduled to close on September 30, the RBI advanced the closure of the FCNR(B) deposit swap window to August 31. This earlier-than-expected conclusion was prompted by the strong inflows the scheme generated, significantly surpassing the roughly $26 billion raised through a similar RBI swap scheme in 2013.
It is important to note that while the FCNR(B) window is closing, the special USD-Rupee forex swap facility for Public Sector Undertakings (PSUs) raising External Commercial Borrowings (ECBs) will remain available until December 31, 2026.
Beyond immediate foreign currency mobilization, Chairman Setty also outlined SBI’s broader growth strategy, Vision 2030. He indicated that India's largest lender aims to potentially double its total business to around ₹200 lakh crore by 2030, linking this ambitious growth directly to the performance of the Indian economy.