SBI raises $6 billion toward $10 billion RBI-backed FCNR(B) target
Business
SBI is aiming to raise $10 billion (about ₹1 trillion) through a special RBI-backed FCNR(B) deposit scheme, and they've already hit $6 billion so far.
Chairman C.S. Setty says this will help the bank rely less on expensive bulk deposits and keep up with their expectation of 14% to 15% credit growth for FY27.
SBI's new FCNR(B) deposits support lending
Even though these new deposits are just a small slice of SBI's massive ₹60 trillion base, Setty points out they'll still support more lending, especially as demand grows in areas like retail, agriculture, and renewable energy.
For context: SBI's net profit jumped 10.2% last quarter to ₹21,121 crore, with gross advances rose 18.6% y-o-y to ₹50.5 trillion and net interest income (NII) also seeing strong double-digit growth.