Mumbai, June 3 -- Mid-sized and state-run banks are increasingly deploying their own QR-code infrastructure to acquire small-business customers directly, according to bank executives and industry analysts, as lenders seek to capture current-account balances, cash-management mandates and lending opportunities that have traditionally flowed through payment platforms such as PhonePe, Paytm and Google Pay.

The push comes as banks face intense competition for deposits and look for new ways to build low-cost current and savings account (Casa) balances, executives at several banks said.

Overall deposit growth stood at 11.5% in FY26, compared with 10.6% in the previous year, but lower than the five-year high of 13% in FY24, while growth in curr...