State Bank of India Chairman C S Setty has outlined ambitious growth projections for the country's largest lender, projecting the bank's total business could double to around ₹200 trillion by 2030 when SBI celebrates its platinum jubilee. According to reports from The Economic Times, Setty emphasized that while there are no formal milestones set, the bank's current growth trajectory could take total business to ₹170-180 trillion by 2030. The bank's total business has already crossed the landmark of ₹100 trillion in the second quarter of the last financial year, rising further to ₹110.01 trillion by the end of June 2026. Setty completed two years as SBI chairman last month, highlighting that such an expansion would represent another significant milestone for the lender.
SBI is developing GIFT City-specific products for Non-Resident Indian (NRI) customers who would like to deploy $50,000 or $100,000 in India through GIFT City in foreign currency. As reported by The Hindu BusinessLine, CS Setty, Chairman, revealed that SBI has the largest International Banking Unit (IBU) in GIFT City with a balance sheet of around $21 billion. The IBU has been extensively used for the FCNR(B) opportunity where RBI provided a special USD-INR Forex Swap facility for FCNR(B) deposits mobilised between June 8 and August 31, with a significant part of the leverage being provided through the IBU. SBI has customers from jurisdictions such as the US, UAE and UK keeping money with their GIFT City branch.
The SBI Chief emphasized that SBI's GIFT City IBU complements its domestic branches by offering good interest rates to customers for periods of less than one year. According to The Hindu BusinessLine, on a US Dollar term deposit below $1 million and $1 million & above in the 6 months 1 day to 9 months tenor, the Bank's GIFT City IBU is currently offering interest rates of 4.65% and 4.75% respectively. For USD deposits below $1 million and $1 million & above in the same tenor, the IBU is offering interest rates of 4.85% and 4.95% respectively. In sharp contrast, the highest interest that SBI's domestic branches currently offer on USD-denominated FCNR (B) deposits is 4.40% for a tenor of one year to less than two years. When banks were allowed by RBI to mop up FCNR (B) deposits of 3-5 years tenor between June 8 and August 31, 2026 and swap the deposit proceeds with the central bank, SBI's interest rates on these deposits ranged from 5.25% to 6%.
Setty outlined SBI's philosophy as 'digital first, customer first, nation always' as the bank drives business growth. As reported by The Economic Times, the chairman emphasized that a digital-first banking system cannot come at the expense of customers, requiring banks to ensure protection while carrying out digital transactions and improve financial and digital literacy. He stressed that the larger objective should be helping customers achieve meaningful livelihoods rather than viewing banking merely as a series of transactions. SBI has demonstrated over the past seven decades the role a large public sector bank can play in supporting the real economy, with Setty signaling the next phase will combine traditional relationship-led banking with digital innovation and broader developmental mandate.
Following its public listing, SBI Funds Management is expanding beyond traditional urban centres toward overseas hubs such as Dubai and deeper Indian markets. According to MD & CEO Debasish Mishra, obtaining the appropriate fund management licence in Dubai would help make the business more structured and strengthen its institutional framework for investors. The fund house is also focusing on B100 cities across India, with encouraging investor interest seen in cities such as Rajkot, Indore and Coimbatore during IPO outreach. The successful launch of their Magnum Equity ex-Top 100 Long Short Fund mobilised over ₹1,150 crore last month, with nearly one-third of flows coming from B30 cities, demonstrating expanding investment awareness beyond traditional financial centres.
