SBI mobilizes $1.9 billion under RBI hedging scheme in June
State Bank of India (SBI) has pulled in $1.9 billion through the Reserve Bank of India's special scheme that encourages banks to bring in foreign currency deposits by covering hedging costs for three- to five-year terms.
The move, started in June 2026, is all about attracting more dollars and other currencies into India: SBI did this using bonds and FCNR(B) deposits swapped with the Reserve Bank of India (RBI).
Indian banks raise overseas deposits
Bank of Baroda followed with $273 million, while Canara Bank and Punjab National Bank each brought in $80 million.
Total mobilization by public-sector banks was below $3 billion until last Friday.
Finance Minister Nirmala Sitharaman has been urging banks to get creative and design new products to attract overseas money from Indians living abroad.
Private players like HDFC Bank and Axis Bank also joined in, raising big sums through their GIFT City units and offering higher deposit rates to boost inflows.