# The $133 billion deposits that made India's banks look less profitable

An episode of [The Daily Brief](https://invisiblenetwork.ai/podcast/1754694834), 27 Oct 2026, 24 min.

Audio: https://cdn.simplecast.com/media/audio/transcoded/3414282e-a33e-40c0-b978-ee7527c0bc68/fb83b18a-c9c9-470b-b18b-b8c695c054d9/episodes/audio/group/e88812af-d2b7-440f-a392-19e5927ad194/group-item/0edf2b14-a294-49b0-bdca-6e04888e4cd0/128_default_tc.mp3?aid=rss_feed&feed=1H1JSMd0

In today's episode of The Daily Brief, we cover a deep dive and another story for the day shaping Indian and global markets: 1. $133 Billion in NRI Deposits: Good or Bad for Banks? We’ll cover: • How the RBI’s special FCNR(B) scheme helped banks raise $133 billion. • Why bank deposits grew while net interest margins fell. • The long-term benefits and risks for banks when these deposits mature. 2. India’s Rare Earth Magnet Manufacturing Push We’ll cover: • Why India depends on imports for sintered neodymium magnets. • How the government’s ₹7,280 crore scheme will support local manufacturers. • The challenges around raw materials, technology and scaling up production. Audio Timestamps 00:04 Intro 00:32 Why banks chased NRI dollars 12:05 Can India break China’s magnet grip? 22:57 Tidbits We also send out a crisp and short daily newsletter for The Daily Brief. Put your email here and we'll make you smart every day: https://thedailybrief.zerodha.com/ Note: This content is for informational purposes only. None of the stocks, brands, or products mentioned are recommendations or endorsements.

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