India deposits cross ₹284T after RBI dollar inflows
India just hit a new milestone: total bank deposits have crossed ₹284 trillion ($2.99 trillion) as of September-end, according to RBI data.
Most of this growth happened between June and August, during the first six months of the financial year, thanks to a special RBI policy that brought in a wave of foreign dollars and boosted deposit numbers in a big way.
RBI swap window pulled $133bn
The RBI's discounted swap window (open from mid-June to August) pulled in $133 billion and pushed deposits up by ₹20 trillion.
Even after the scheme ended early, banks kept adding funds, especially as they prepped for quarter-end, bringing another ₹7.73 trillion rupees in the fortnight ended September 30.
While deposit competition has stayed pretty chill so far, experts warn that upcoming interest rate hikes could make banks raise their rates soon, which might mean higher returns if you're saving, but also higher costs for banks down the line.