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In an exclusive conversation, R Subramaniakumar, MD & CEO of RBL Bank said the bank’s interest in wealth management stems from its shift towards a customer-centric rather than a product-centric approach.
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Whether microfinance, credit cards, mortgages or other secured loans, Kumar is clear that all segments will continue to remain relevant for the bank and contribute amply to the bottom line.
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Among PSBs, private banks and foreign banks, the rivalry to garner deposits is picking up. There is no mercy in this battle for survival.
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In July-September, CASA ratio of the bank stood at 30.07 percent, as against 29.27 percent in a quarter ago period and 31.17 percent in a year ago period.
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Liquidity coverage ratio (average) was around 127 percent for the quarter
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Households are shifting their savings from traditional bank deposits and fixed deposits to higher-yield equity instruments like mutual funds or direct stock investments.
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An RBI study in 2019 found that the impact of higher market returns on a shift away from bank fixed deposits is limited to the short-term
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Even though banks have been struggling to raise deposits, data suggests that the deposit accretion has improved in the recent months
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The MPC also decided to remain focussed on withdrawal of accommodation stance by a majority of 4:2. Consequently, all other rates like SDF, MSF, Bank Rate remain unchanged.
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Deposits other than low cost are picking pace but banks need to draw their focus on garnering on CASA deposits, experts said.
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Despite deposit rate hikes, growth in deposits hasn’t increased yet. While some banks believe that deposit rates may have reached a peak, perhaps a few more lenders may have to hike further to lure funds
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Given the elevated CD ratio, deposit growth trend becomes very crucial
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To lure depositors, banks have come with special deposit products and schemes offering higher rate of returns for certain tenures. However, it is going to be tough to compete with higher returns offered by other instruments, experts say.
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The scrapping of Rs 2,000 denomination notes and their subsequent depositing had helped banks with deposits, but it has dropped sequentially.
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The increase in share of short-term deposits at a time when banks want to lend long-term loans to infrastructure projects is putting them at risk of asset liability mismatch
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On May 19, the banking regulator decided to withdraw the highest-denomination note of Rs 2,000 from circulation as a part of currency management
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The tables have turned for public sector banks that commanded a higher deposit growth ten years ago. Now they are on the wrong side of the K-shape in deposit mobilisation and are losing out to private sector peers every year.
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With unclaimed deposits of over Rs 35,000 crore across public sector banks, it's tough to track such deposits. Today, you have to go to each bank website to check if you and your family members have any unclaimed deposits.
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An unclaimed deposit is one which does not see any activity like infusion of funds, withdrawal, etc. from the depositor for 10 years or more, and is deemed as an inactive deposit.
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Lok Sabha passed the Finance Bill 2023 with amendments on March 24. Now, debt mutual funds will be taxed the same way that fixed deposits are taxed.
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The amendment to Finance Bill 2023 will not only alter the course of financial savings but will also impact the fortunes of stocks in the finance space
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Over the last few months, most banks have increased their deposit rates. The trend is likely to continue as banks strive to wedge the gap between credit and deposit growth.
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Banerjee's comments come in the wake of the Hindenburg Research report that made a slew of allegations of wrongdoing against the business conglomerate led by industrialist Gautam Adani, in which state-owned lender SBI and Life Insurance Corporation have exposure.
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The PAT of the Punjab National Bank fell over just over 44 percent on-year in the reporting quarter to Rs 628.88 crore.
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A part of CASA decline could be a shift to term deposits after banks began hiking interest rates on the latter
