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Bank deposits grew 11.9% in FY21 on a y-o-y basis, shows RBI data

WShare of private sector banks in total bank deposits continued to rise at the cost of public sector banks and stood at 30.5 per cent, accounting for about half of the deposits of financial and non-financial corporations as well as rest of the world sectors, the RBI said.

September 23, 2021 / 05:50 PM IST

Bank deposits grew by 11.9 per cent on a year-on-year basis during the financial year 2020-21  compared to 8.8 per cent in the previous year on the back of high growth in current account and savings account (CASA) deposits, the RBI data showed on September 23.

Also, the share of CASA deposits increased to 43.7 per cent in March 2021  from 41.7 per cent a year ago, the RBI said. Among institutional categories, the household sector held 64.1 per cent share in total deposits, the central bank said.

Individuals were the major constituent of the household sector and contributed 55.8 per cent in aggregate deposits. Bank deposits of non-financial corporations surged by 18.8 percent during 2020-21 and their share in total deposits increased to 16.2 percent in March-2021, the RBI said.

Also, metropolitan branches of banks, which account for over half of total deposits, accounted for 59.6 per cent of incremental deposits during 2020-21 (43.2 per cent last year), the RBI said.

Among the stated, Maharashtra, UP and Karnataka held one-third of total household sectors’ outstanding deposits and over 40 per cent of its incremental deposits during 2020-21, the RBI said.

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Share of private sector banks in total bank deposits continued to rise at the cost of public sector banks and stood at 30.5 per cent (29.5 per cent a year ago), accounting for about half of the deposits of financial and non-financial corporations as well as rest of the world sectors, the RBI said.

With the downward shift in the interest rates on term deposits, the share of term deposits carrying less than 6 per cent interest rate surged to 69 per cent in March 2021 from 21.3 per cent a year ago; the interest rate bracket ‘5 to less than 6 per cent had highest concentration (36.8 per cent) of total term deposits, it said, adding during the period, a majority of term deposits were originally contracted for ‘one year to less than three years’ maturity.

Further, the share of short-term deposits rose to 32.8 per cent in terms of residual maturity, 75.7 per cent of the term deposits were due for maturity within one year, the RBI said.
Moneycontrol News
Tags: #RBI
first published: Sep 23, 2021 05:50 pm

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