An eye for dollars: SBI brings in $1.9 billion in foreign-currency resources via special scheme, way ahead of peers

SBI has mobilised about $1.9 billion in foreign-currency resources under a special RBI scheme unveiled in early June, far ahead of peers Bank of Baroda ($273 million), Canara Bank ($80 million), and Punjab National Bank ($80 million). Among private-sector lenders, HDFC Bank and Axis Bank have raised $750 million and $800 million respectively via bond issuances at GIFT City, with proceeds being used to provide leverage against deposits raised from non-resident Indian customers. Under the scheme, the RBI is absorbing hedging costs on banks' three-to-five-year foreign-currency deposits, and Finance Minister Nirmala Sitharaman has asked PSU banks to step up engagement with the Indian diaspora to attract further inflows.