# India’s forex reserves touch $716.9 bn, bank deposits grow 15.4% 2026-08-21T15:11:58+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet India's foreign exchange reserves rose by $9.9 billion to $716.9 billion in the week ending August 14, 2026, according to the Reserve Bank of India's weekly statistical supplement. The increase was driven by a $7.2 billion rise in foreign currency assets and a $2.7 billion jump in gold reserves. On a year-on-year basis, reserves are up $21.8 billion. Scheduled commercial banks' aggregate deposits grew 15.4% year-on-year to Rs 269.4 lakh crore as of July 31, 2026, with time deposits contributing Rs 30.3 lakh crore of the increase. Bank credit expanded 19.3% year-on-year to Rs 220.8 lakh crore, driven by non-food credit growth of 19.3%. The data reflects the impact of a bank merger effective July 1, 2023, and a revised definition of 'fortnight' under the Banking Laws (Amendment) Act, 2025. ## Indian Opinion Analysis India's forex reserves have crossed the $700 billion mark for the first time, providing a buffer against external shocks such as oil price spikes or capital outflows. The RBI typically intervenes in the forex market to curb volatility, and a larger reserve cushion gives it more room to manage the rupee's exchange rate without depleting reserves. Bank credit growth of 19.3% signals robust demand from businesses and consumers, but deposit growth at 15.4% means banks may face pressure to raise lending rates to attract more deposits. Watch for the RBI's next monetary policy statement for any signal on liquidity management or interest rates. ## Coverage - rbi.org.in Direct data publication by RBI, no framing or editorial slant. This story was synthesised by AI from the source linked above. Tags: bank credit, deposits, foreign exchange reserves, India, RBI Canonical: https://indianopinion.org/indias-forex-reserves-touch-716-9-bn-bank-deposits-grow-15-4/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/indias-forex-reserves-touch-716-9-bn-bank-deposits-grow-15-4/#story-in-brief How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/