India's bank deposits hit a record of about Rs 284 trillion (around $2.99 trillion) in the second half of September 2026, driven largely by an RBI discounted foreign exchange swap scheme to attract foreign currency deposits. The scheme reportedly drew around $133 billion in inflows, and its window closed on August 31, a month earlier than planned; deposits rose about Rs 20 trillion between June 16 and August 31. Over the first six months of FY2026-27, deposits rose Rs 21.67 trillion, or 8.4% since end-March, with a further Rs 7.73 trillion added in the period ending September 30 as banks shored up funding before quarter-end. However, the liquidity surplus is narrowing and lending is growing faster than deposits, which could intensify competition for deposits and raise funding costs.
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