HDFC Bank deposits rise 19% to ₹33.27 lakh crore in Q2

HDFC Bank reported a significant increase in deposits for the July-September quarter, with total deposits reaching ₹33.27 lakh crore, marking a 19% year-on-year growth. A major portion of this growth was driven by ₹1.10 lakh crore ($11.5 billion) in Foreign Currency Non-Resident (FCNR-B) deposits, facilitated by a special swap scheme introduced by the Reserve Bank of India in June to encourage long-term foreign currency deposits.

In connection with these deposits, HDFC Bank's foreign branches extended approximately $5.7 billion in loans. The bank also issued $2.5 billion in senior unsecured bonds between June and August. Meanwhile, ICICI Bank reported raising $17.88 billion in FCNR-B deposits and $3.55 billion through dollar bond issuances.