State Bank of India has collected more than $1.5 billion in foreign‑currency deposits through a program launched last month for non‑resident Indians. The inflow, confirmed by sources familiar with the matter, marks the bank's first large‑scale offshore‑deposit drive since it opened the scheme.

The cash boost improves SBI's liquidity position ahead of upcoming capital market activities, including a planned secondary offering and potential loan‑growth initiatives. By tapping the diaspora market, the bank diversifies its funding base away from domestic wholesale borrowings, which have been pressured by tightening monetary conditions in India.

Investors may view the deposit surge as a signal of strong overseas demand for Indian assets, supporting the rupee's resilience and enhancing SBI's net interest margin. The move also puts pressure on rival lenders to develop similar programs to capture foreign capital, potentially reshaping the competitive dynamics of India's banking sector.