Record cash surpluses may lower borrowing costs, but without equitable credit allocation, MSMEs and emerging businesses could remain on the margins. You are using an outdated browser. Please upgrade your browser to improve your experience and security. India's banking system liquidity surplus has fallen from Rs 11 lakh crore in September to Rs 46,200 crore as the RBI keeps funds tight to curb bets against the rupee, pushing up borrowing costs.