State Bank of India to scale up global operations through GIFT City

State Bank of India (SBI) will enhance its global operations, focusing on the International Financial Services Centre (IFSC) at GIFT City, Gujarat, due to lower operating costs, tax benefits, and flexibility. SBI plans to diversify its trade finance portfolio and expand premium banking services with a "Wealth Hub" in the Middle East and GIFT City. \r

In FY24, SBI sanctioned $10.3 billion in foreign currency loans to India-related corporates and $16.2 billion to overseas entities. External Commercial Borrowings (ECBs) by Indian companies nearly doubled to $49.2 billion. For FY25, SBI aims to raise up to $3 billion through bonds. \r

Despite thin margins, SBI’s international yield grew from 3.80% to 6.14% in FY24.