Archive · 14 Aug 2026

Bank deposits hit record high on RBI's FCNR push

Bank deposits hit record high on RBI's FCNR push

Banks are safe places where people and companies keep their money, and that money is called a deposit.

In India, the amount of money sitting in banks just reached the highest level it has ever been.

Earlier this year, deposits were actually going down for a little while.

Then the Reserve Bank of India, the country's central bank, made a special program to bring money from other countries into India.

People and banks from abroad sent foreign money, which was changed into Indian rupees.

The rupees ended up inside Indian bank deposits.

By the end of July, banks had collected almost 41 billion dollars through this program.

Now Indian banks have more money to lend to people and businesses.

More lending can help the economy grow, and banks may not need to raise deposit rates to get more money.

Sources