With a surge of nearly three-fold in its cash position since the beginning of this fiscal, Reliance Industries [Get Quote] on Thursday disclosed that over 95 per cent of these are parked in banks.

"RIL has cash and cash-equivalents in the excess of Rs 28,500 crore ($5.9 billion)," the country's top corporate entity said.

"Over 95 per cent of these are in fixed deposits/certificate of deposits with banks," the company said, while giving its business updates at the end of quarter ended December 31, 2008.

At the end of the last fiscal, ended March 31, 2008, the company had cash and cash-equivalents of Rs 7,566 crore (about $1.9 billion), up from $1.7 billion a year ago