SBI eyes $10 bn from NRIs, foreign investors as RBI swap window nears end

As RBI's concessional swap window draws to a close this month end, State Bank of India (SBI) Chairman C S Setty has expressed confidence that the bank would garner about USD 10 billion from non-resident Indians and foreign investors.

"In aggregate, we must be reaching the USD 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 USD 9-10 billion on a consolidated basis," he told PTI in an interview.

Earlier this month, the Reserve Bank of India 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.

However, 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.

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