3 weeks ago
SBI Targets $10 Billion in FCNR Deposits by September
A bank is a place where people can keep their money.
SBI is a bank that offers different kinds of deposit plans.
One plan is called FCNR(B) deposits.
SBI has already collected about $6 billion through this plan.
That is a very large amount of money.
SBI wants to collect $10 billion by the end of September.
SBI says getting this money will not hurt its business.
It says the plan will not cost much extra money.
SBI shared this update during a call with analysts who follow the bank.
SBI has already raised about $6 billion through FCNR(B) deposits.
The bank expects to reach $10 billion in FCNR(B) deposits by September-end.
SBI said the inflows will not materially impact its profitability.
The bank said the deposit drive will not significantly increase its funding costs.
The update came during an analyst conference call about the bank's performance.
- Who
- State Bank of India (SBI)
- What
- Raising FCNR(B) deposits, with about $6 billion collected so far and a target of $10 billion by September-end
- Where
- Not explicitly stated in the articles
- When
- Target set for September-end; the update was given at a recent analyst call
- Why
- Not explicitly stated in the articles; SBI said the drive will not materially impact profitability or funding costs
Key facts
- Bank
- State Bank of India (SBI)
- Deposit product
- FCNR(B) deposits
- Amount raised so far
- About $6 billion
- Target amount
- $10 billion
- Target date
- September-end
- Impact on profitability
- Not materially impacted per SBI
- Impact on funding costs
- Not materially impacted per SBI
- Announcement channel
- Analyst conference call
Sources
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