RBI
RBI dollar swap window lifts bank deposits to record $3 trillion
15 October 2026 · The Economic Times
Banking system deposits crossed a record $3 trillion in September, helped by the RBI's discounted swap window for foreign-currency deposits, which drew about $133 billion in inflows. Deposits rose 21.67 trillion rupees in the first half of the financial year, with 20 trillion rupees added between June 16 and August 31.
Points to Remember
- Total banking system deposits crossed the $3 trillion mark at September-end.
- Deposits rose 21.67 trillion rupees in the first six months of the financial year.
- Between June 16 and August 31, deposits jumped by an aggregate 20 trillion rupees.
- RBI announced the discounted swap window in June 2026 to attract foreign-currency deposits; it drew inflows of about $133 billion.
- The window closed on August 31, a month earlier than planned; the fortnight ended September 30 saw inflows of 7.73 trillion rupees.
Why it matters
The deposit surge gave banks a funding cushion, but with the October rate hike, term deposit rates could rise as credit grows faster than deposits and liquidity surplus shrinks — expect queries on revised FD rates.
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