Bank deposits hit record $3 trillion in September, boosted by dollar deposits scheme
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India's banking system deposits hit a record 284 trillion rupees by September 2023.
- ✓This growth got a boost from a Reserve Bank of India swap window that attracted $133 billion in foreign-currency deposits.
- ✓Banks also used the time to build funding buffers, as overall deposits rose by 8.4 percent since March.
Story at a Glance
- Category
- MARKET
- Reported By
- Economic Times
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
India's banking system deposits hit a record high, reaching approximately 284 trillion rupees by September 2023. The increase was primarily driven by a discounted swap window introduced by the Reserve Bank of India. This scheme attracted around $133 billion in foreign-currency deposits from June until its closure in August. Additionally, banks took measures to bolster their funding buffers leading up to the quarter's end. Overall, deposits rose by 8.
MUMBAI: India's banking system deposits hit a record high of around 284 trillion rupees ($2.99 trillion) in the second half of September, central bank data showed on Thursday.
Deposits rose by 21.67 trillion rupees in the first six months of the financial year, with most of the increase seen between June and August, when the central bank's discounted swap window to attract dollar inflows was in place.
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Economic Times
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