Mumbai, Aug. 8 -- State Bank of India (SBI) has mobilised about $6 billion in deposits under the Reserve Bank of India's special foreign currency non-resident (FCNR-B) deposit window and expects to raise about $10 billion (close to Rs.1 lakh crore), chairman C.S. Setty said on Friday. Speaking after the bank announced its first-quarter results, Setty said SBI did not have a specific mobilization target, but the additional funds would help finance loan growth while reducing reliance on expensive bulk deposits. Calling the liquidity from FCNR(B) deposits a "good, positive development", Setty pointed out that large banks stand to benefit more from these flows. "Everyone will try to see that the bulk deposits are priced reasonably, if not completely moving out of bulk deposits. Essentially, as long as these flows are adequate to cover credit growth, SBI will not be aggressively pricing the bulk deposits," he said. Setty added that an inflow of around Rs.1 lakh crore does not materially "move the needle" on the bank's Rs.60 lakh crore deposit base and will help fund incremental loan growth. "I do not think deploying Rs.1 lakh crore (trillion) is a problem for SBI where we are looking at 15% credit growth, which means in around a year, we will be growing Rs.5-6 lakh crore," he said. The RBI has allowed banks to extend leverage against FCNR(B) deposits, enabling overseas depositors to reinvest the proceeds for potentially higher returns. Several lenders have offered leverage of 9-10 times, while some foreign banks have gone higher to attract inflows, Mint reported on 16 July. Setty said SBI has largely been providing leverage through its own overseas branches, particularly its GIFT City branch, instead of tying up with foreign banks. The lender is also exploring the use of standby letters of credit (SBLCs) to extend such leverage. "We have an SBLC bank product also, but it's not widely used at this moment," he said. Asked whether the large FCNR(B) inflows would dilute net interest margins (NIM), as some private-sector lenders have indicated they could, Setty said it was too early to assess the impact because lower funding costs could offset any pressure on margins. "We are sticking to our guidance of 3% NIM for the full year and RoA (return on assets) of 1% and RoE (return on equity) of about 15%," he said. SBI reported NIM of 2.86% in the June quarter, up five basis points sequentially. RoA stood at 1.11%, RoE was 17.87%. Credit growth for FY27 is seen at 14-15%, slower than the over 18% growth seen in Q1. Gross advances rose 18.6% y-o-y to Rs.50.5 lakh crore as of 30 June....