India deposits grow 9.75% as credit demand accelerates

Non food-industry borrowing reached $21b, reflecting stronger corporate financing needs.

India’s bank deposits could register a compound annual growth rate of 9.42% from 2016 to 2026, according to an India Brand Equity Foundation report.

Bank deposits increased by 9.75% year-on-year to reach $27.1b (Rs. 2,46,77,712 crore) by 31 October 2025.

During a similar period, credit grew by 11.19% to $21.9b (Rs. 1,98,72,897 crore) as of June 2025.

By 19 September 2025, credit specifically allocated to non-food industries was recorded at $20.7b (Rs. 1,88,57,649 crore).

Foreign investment through Non-Resident Indian (NRI) accounts has also seen a significant uptick.

According to the Reserve Bank of India (RBI), NRI deposit inflows nearly doubled to $9.5b (Rs. 86,119 crore) in the first half of the 2025 financial year, primarily through Foreign Currency Non-Resident (FCNR) and Non-Resident External (NRE) accounts.

Total outstanding NRI deposits stood at $158.1b (Rs. 14,37,491 crore) for the full financial year, with July 2025 figures provisionally placed at $161.2b (Rs. 14,65,424 crore).

Indian tourists can now use the Unified Payments Interface (UPI) at major retail outlets across the United Arab Emirates, including Dubai Duty Free and Lulu Hypermarket.

This rollout, managed by NPCI International, is part of a broader expansion into high-frequency sectors to support Dubai’s target of reaching 90% digital transactions by 2026.

The expansion of banking technology has further widened access to financial services in non-metropolitan areas. Current data shows that 52.08 crore beneficiaries now hold accounts containing a total of $2.6b (Rs. 2,38,752 crore).

This follows a major surge earlier in the year when the RBI’s Scheduled Banks’ Statement reported that collective deposits reached $25.7b (Rs. 2,33,56,673.93 crore) as of 18 April 2025.

($1.00 = INR92.23)