Deposit growth of scheduled commercial banks accelerated to 17.76% year-on-year as of August 31, the highest level since 2019, following a sharp influx of foreign currency deposits under the Reserve Bank of India’s special FCNR(B) mobilisation scheme. The credit growth remained strong at 19.08%, supported by corporate and MSME demand ahead of the festive season. The sharp rise in deposits, from around 14.7%, was primarily driven by FCNR(B) inflows, analysts said.