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Informist, Friday, Sept. 11, 2026

 

--SBI MD Tewari: Will use FCNR(B) deposits to reduce bulk deposits
--Bk of India MD: Flows via FCNR(B) deposits can fund 1 qtr of credit growth

--Bk of India MD: Will use FCNR(B) deposits to replace bulk deposits

--Bk of India MD: FY27 credit growth aim unch despite FCNR(B) deposit flow

--CONTEXT: Bank of India aims for 15-16% credit growth in FY27

--SBI MD Tewari:FY27 credit growth aim unch despite high FCNR(B) deposit flow

--CONTEXT: SBI set credit growth target of 14-15% in FY27

 

By J. Navya Sruthi and Kabir Sharma

 

MUMBAI – State Bank of India and Bank of India will use funds raised through foreign non-resident currency (bank) deposits to reduce their bulk deposits, officials from the two major public sector banks said. However, despite exceeding the target for FCNR(B) deposits, both banks left the credit growth targets for 2026-27 (Apr-Mar) unchanged. 

 

SBI, the country's largest bank, has mobilised $11 billion FCNR(B) deposits under the Reserve Bank of India's special swap facility between Jun. 8 and Aug. 31, more than the target of $10 billion. Similarly, Bank of India received $2.4 billion FCNR(B) deposits, against the target of $1.2 billion.

 

Bank of India Managing Director and Chief Executive Officer Rajneesh Karnatak said the total FCNR(B) deposits mobilised by the bank were equal to INR 200 billion and "that much of bulk deposit we will not raise". However, he said the bank left its credit growth target for FY27 unchanged at 15-16%. "So this money which has come from the FCNR(B) funds, that will only be for one quarter not more than that," the official said. 

 

Ashwini K. Tewari, managing director at State Bank of India, said the bank kept its credit growth target for FY27 unchanged at 14-15?spite high FCNR(B) deposit flows. He said the FCNR(B) deposit funds would be used to reduce the bank's bulk deposits.  

 

For the June quarter, Bank of India had reported a net profit of INR 30.68 billion on total income of INR 225.28 billion. At 1353 IST, Bank of India's shares were down over 1% at INR 139.38 on the National Stock Exchange.

 

State Bank of India reported a net profit of INR 211.21 billion on total income of INR 1.44 trillion for the June quarter. At 1353 IST, the bank's shares were down 1.6% at INR 994.10 on the NSE.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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