State Bank of India Chairman CS Setty
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State Bank of India (SBI) should be able to mobilise about $10 billion via Foreign Currency Non-Resident (Bank)/ FCNR (B) deposits by September-end 2026 under RBI’s limited period concessional swap facility, going by the current traction on this front, said Chairman CS Setty.Further, FCNR (B) deposit inflows will give India’s largest bank a clear visibility on liquidity and helping it reduce dependence on bulk deposits.Setty observed that while SBI has no specific target on mobilising FCNR (B) deposits, it has garnered almost $6 billion so far (between June 8th and till date).On providing leverage support to NRI (non resident Indians) customers for placing fresh FCNR-B deposits with the Bank, the SBI chief said it is provided by SBI’s own branches and via its GIFT City operations.“We have a SBLC (stand-by letter of credit) product also. But it is not widely used at this moment....We have raised a billion dollars via the overseas foreign currency borrowing route, but our first priority now 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), what we have in our balance sheet at this moment, the 10-11 per cent deposit growth rate will comfortably provide the adequate funding for 14-15 per cent credit growth. He expects surplus SLR to swell to about ₹4 lakh crore.The SBI Chief said: “I think we have mobilised a good number (FCNR-B deposits) and we have good visibility on the mobilisation going forward...We do not foresee any interest rate change on these deposits.”Setty opined that large banks, which are able to mobilise FCNR (B) deposits, will reduce their dependence on bulk/ wholesale deposits on which differential interest rates are quoted by banks.Published on August 7, 2026
