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The Economic Times
The Economic Times
Business

$127 bn foreign currency deposit mobilisation a 'shot in the arm' for Indian banks: S&P

India SP United States Interest Rates SP Global Ratings

New Delhi: S&P Global Ratings on Monday said the USD 127 billion mobilised by Indian banks through a special deposit scheme to attract US dollars is a "shot in the arm" for Indian banks as it has eased the tough funding conditions and boosted liquidity.

Indian banks raised a record USD 127 billion in deposits through foreign currency non-resident bank (FCNRB) accounts between June 8 and August 31, 2026.

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