The Reserve bank of India’s measures like special swap window for foreign currency non-residents deposits has helped in boosting the deposit growth of the banks. Year by year a development of 17% has been noticed in the credit growth of the banks.
RBI data reported that the deposit recorded this year was Rs 75,24,217 crore which is much more than the previous year i.e. Rs 64,30,998 crore. The apex bank came up with the plan of concessional swap windows for the bank on September 4, 2013 with the aim of controlling the rupee fall. With this window the banks swap their FCNR deposits.
A growth of 15% is seen in credit development of the commercial banks. RBI estimates the credit growth to be around 15% and deposit growth to be around14% for the current fiscal year