Archive · 2 Aug 2026
SBI mops up $7.5 billion under RBI swap window
The State Bank of India (SBI) collected $7.5 billion from a special RBI program that helps banks get foreign money.
Most of this money came from deposits called FCNR(B) and from foreign bonds.
Other banks like HSBC and Standard Chartered also raised big amounts.
Most of the money came from West Asia, but Singapore and Hong Kong stopped sending money because of a tax on interest.
RBI said all banks together raised $40.82 billion, with most from FCNR(B) deposits.
State Bank of India raised $7.5 billion via RBI’s concessional swap schemes, about 20% of total bank mop‑up by July 31.
$6 billion came from FCNR(B) deposits, $1.5 billion from foreign currency bonds, plus $1 billion OFCBs and $500 million FRN issuances.
Other banks like HSBC, Standard Chartered, Indian Bank, Canara Bank, Bank of Baroda also mobilised large FCNR(B) sums, with HSBC at $5.5 billion.
Most FCNR(B) inflows were from West Asia; Singapore and Hong Kong flows slowed due to a 10% withholding tax on interest.
RBI reported total bank mobilisation of $40.82 billion, with $36.73 billion from FCNR(B) deposits, $2.58 billion from OFCBs, and $1.52 billion from ECBs.
- Who
- State Bank of India and other public sector banks
- What
- raised $7.5 billion via RBI’s concessional swap schemes
- When
- until July 31
- Where
- India, West Asia, Singapore, Hong Kong
- Why
- to mobilise foreign exchange under RBI’s swap window
- Total amount raised by SBI
- $7.5 billion
- FCNR(B) deposits
- $6 billion
- Foreign currency bonds
- $1.5 billion
- Total bank mobilisation
- $40.82 billion
- RBI swap schemes
- Three concessional swap schemes