Banks in India raised a record Rs 13.17 lakh crore through Certificates of Deposit (CDs) in 2025, a significant increase from previous years, driven by tepid deposit growth and pressure on low-cost CASA deposits. This trend forces lenders to increasingly rely on wholesale funding to support credit expansion. Major banks like Bank of Baroda, HDFC Bank, and Punjab National Bank were among the largest issuers. This reliance on market borrowings highlights challenges in attracting retail and savings deposits, with funds being diverted to capital markets and physical assets.