Advances against fixed deposits by scheduled commercial banks surged 53.3% year-on-year to ₹2.17 trillion as of Sept 30, 2026, according to Reserve Bank of India (RBI) data cited in a report by Business Standard.
The category includes loans backed by Foreign Currency Non-Resident (Bank) deposits and other specified deposits.
Growth accelerated from 14.3% a year earlier, supported by lending against deposits mobilised through a concessional swap facility introduced on June 8. Banks had mobilised $133 billion under the facility by Aug 31, 2026, according to the supplied figures.
Overall bank credit increased 19.4% to ₹229.95 trillion, compared with 11.4% growth a year earlier. Non-food credit rose 19.1% to ₹228.98 trillion.
Services recorded the fastest sectoral expansion, with lending climbing 28.3% to ₹64.9 trillion. Agricultural credit grew 19.5% to ₹28.19 trillion, against 8.9% in the previous year.
Loans to non-banking financial companies (NBFCs) jumped 41.8% to ₹22.53 trillion, compared with 3.7% growth earlier.
Industrial credit increased 19.5% to ₹49.77 trillion. Lending to medium enterprises rose 33.2%, while micro and small enterprises registered 24.4% growth.
Personal loans expanded 17.3% to ₹74.27 trillion, compared with 11.5% a year earlier. Within retail lending, advances against gold jewellery surged 83% to ₹5.6 trillion, although growth moderated from the previous year's pace.
The weighted average lending rate (WALR) on fresh rupee loans declined to 8.51% in September from 8.61% in August.
The rate on outstanding loans remained unchanged at 8.96%.
Fresh lending rates stood at 7.93% for public sector banks, 7.76% for foreign banks and 9.19% for private sector lenders.
Corresponding rates on outstanding loans were 8.39%, 8.01% and 9.82%, respectively.
The RBI said housing and vehicle lending remained resilient, while education and gold-backed loan growth slowed despite remaining strong.
