India money-market turnover climbed to a record as state-owned banks ramped lending to fund robust credit demand, data showed. Analysis from the country’s clearing house said a further driver was that private banks—traditionally net borrowers—unusually flipped to net lenders in May. The tri-party repo segment, which accounts for about 70% of the money market, reached Rs 5.5 tln (USD 57.8bn) on May 13 and has stayed elevated. In recent weeks a scramble for cash has pushed up overnight borrowing c

India money-market turnover climbed to a record as state-owned banks ramped lending to fund robust credit demand, data showed. Analysis from the country’s clearing house said a further driver was that private banks—traditionally net borrowers—unusually flipped to net lenders in May. The tri-party repo segment, which accounts for about 70% of the money market, reached Rs 5.5 tln (USD 57.8bn) on May 13 and has stayed elevated. In recent weeks a scramble for cash has pushed up overnight borrowing costs and short-term yields, underscoring banks’ ongoing difficulty attracting deposits as household savings shift into other investment products.