India’s largest lender, the State Bank of India (SBI), has unveiled an ambitious long-term plan to significantly expand its balance sheet and global presence. By 2047, SBI wants to increase its asset size from the current 20% of India’s GDP to 25%, supporting the nation’s transformation into a developed economy (Viksit Bharat) and cementing its position among the top 10–20 banks worldwide.
SBI: A Proxy for India’s Economic Growth
Speaking with NPCI MD & CEO Dilip Asbe, SBI Chairman C.S. Setty highlighted the bank’s pivotal role in India’s economic ecosystem. With a 20% share in loans and a 23% share in deposits, SBI is often seen as a reflection of the broader Indian economy. For over two decades, its assets have consistently represented 20% of the country’s GDP — a figure Setty now wants to push to 25%.
Focus on Emerging Sectors and New Opportunities
Setty emphasized the need to channel resources into emerging industries like green hydrogen, semiconductors, and battery storage, which will shape India’s economic future. To support these sectors, SBI is setting up a “Centre of Excellence”, a coordinated body focused on industry collaboration and financing innovation.
These investments will not only fuel new growth engines but also enhance SBI’s capacity to support India’s evolving industrial landscape.
Expanding Global Operations
SBI is also strengthening its international presence, which currently accounts for 10% of its total balance sheet. The bank plans to raise this to 12–13% by expanding operations beyond its existing 29 countries and 240+ touchpoints. Its overseas branches play a crucial role in enabling Indian corporations to access foreign markets and secure funding, particularly through external commercial borrowings (ECBs).
Driving India’s Global Financial Ambitions
As India marches towards its 2047 vision, SBI’s growth strategy reflects a broader push to position Indian institutions at the heart of global finance. By boosting its asset base, supporting next-generation industries, and expanding international operations, SBI is not just growing a bank — it is fueling India’s journey towards becoming a global economic powerhouse.
