The latest surplus is above the earlier high recorded in September 2021. It marks a new peak for liquidity across the banking system, rather than a figure for any individual lender. The report does not provide a bank-wise breakdown of the surplus.

Banks raised $127.23 billion in non-resident foreign-currency deposits through the RBI arrangement. Most of that money was exchanged for rupees. These conversions are the key link between the overseas deposit inflows and the sharp increase in rupee liquidity described in the report.

The two headline amounts measure different things: $127.23 billion represents deposits raised under the scheme, while ₹9.7 trillion is the reported banking-system liquidity surplus. They should not be treated as interchangeable totals. The report says most of the deposit funds were converted, but does not specify the exact amount swapped into rupees.

The available details establish the scale of the inflow and the new liquidity record. They do not state how long the surplus is expected to remain at this level or how individual banks plan to use the funds.