India's banking system deposits touch record ₹284 trillion on RBI dollar swap inflows

Key facts

• India's banking system deposits hit a record ₹284 trillion (about $2.99 trillion) in the second half of September, as per Reserve Bank of India (RBI) data.
• The RBI's discounted dollar swap window, announced in June to attract foreign-currency deposits, drew inflows of around $133 billion and closed on August 31, a month earlier than planned.
• Deposits rose by ₹21.67 trillion in the first six months of the financial year, with ₹20 trillion added between June 16 and August 31.
• The fortnight ended September 30 saw deposit inflows of ₹7.73 trillion as lenders built funding buffers before the quarter-end.
• Overall deposits at September-end were up 8.4% compared with March-end.
• CareEdge Ratings said the October rate hike rules out further cuts in term deposit rates for now and is likely to push them up.