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The RBI’s subsidiary, Deposit Insurance and Credit Guarantee Corporation, offers an insurance cover of up to Rs 5 lakh for retail depositors of failed banks.
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Bank deposit rates need to be hiked by at least 1-2 percent to woo back the depositor. Else, they need to prepare for alternative borrowing sources to raise resources
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Banks have suggested that the deposit insurance coverage of Rs 5 lakh be raised for senior citizens who are the most vulnerable section of depositors
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While there is definitely a rush deposits, what is increasingly becoming a matter of concern is kind of efforts is being put into building deposits in the 2 - 3 years’ bulge. What this means is that the banks are increasingly preferring to build assets around the tenure. But is this good to meet the longer duration credit requirements
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The government is looking to expand the scope of the PMJDY scheme to track digital footprint of accounts in a bid to offer additional products and services to its beneficiaries.
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In the past few months, banks have been facing the highest deposit crunch with household savings going to other markets.
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The RBI seems to be a bit worried that in the new era of fast-paced technology (mobile, internet banking), customers can withdraw massive amount of deposits at a click
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Natural rate of interest rose as potential growth got a lift after pandemic, says another article in RBI Bulletin
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Financial Services Secretary Vivek Joshi said 33.98 crore RuPay cards were issued to PMJDY account holders as of August 2023, up from 13 crore at the end of March 2015.
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Self-Help Groups applying for ration depot allotment will be given priority, he said while interacting with the beneficiaries of SGHs.
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This complements our overall strategy of building our granular deposit base, as a retail mass market bank, said MD & CEO of the bank.
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Shares slumped 26%, following an even more severe tumble Tuesday, after it revealed that depositors withdrew more than $100 billion last month after the collapse of Silicon Valley Bank and Signature Bank.
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These unclaimed deposits belong to 10.24 crore accounts transferred to the Reserve Bank of India (RBI) as of the end of February 2023.
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The government has increased interest rates on small savings schemes by up to 140 basis points over the last six months. And if it follows what the formula prescribes, interest rates may be increased further for the first quarter of 2023-24
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Leads and lags in interest rate transmission, and a persistent inflation threat to returns make the pursuit of deposits a challenge for banks
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On Tuesday, blockchain data firm Nansen said that Binance had seen withdrawals of $1.9 billion in the last 24 hours and that the exchange said it "temporarily paused" withdrawals of the USDC stablecoin.
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The private bank will continue with its strategy to granularise deposits. The bank’s liabilities will be priced 50-to-75 basis points (bps) higher than the market, the MD said
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A 50 bps rate hike may seem hawkish, but it was required to control inflation, South Indian Bank MD & CEO Murali Ramakrishnan said
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The hunt for deposits would intensify among banks which could push up retail deposit rates further.
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While assets rose at a faster pace, deposits grew 10.4 percent YoY growth to Rs 3.16 lakh crore as on June 30
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RBL Bank’s total deposits grew 6 percent YoY to Rs 79,216 crore at the end of June, sharply lower than the industry standard.
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Banks will need to increase interest rates on deposits but this higher cost of funds will put pressure on their net interest margins
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Issuance of certificates of deposits have increased over the past two months, an indication of the rush to garner deposits by banks amid a strong recovery in credit growth and reducing liquidity surplus
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A surge in treasury bill yields, large hikes in deposits by non-bank lenders armed with fintech tie-ups could push banks to hike deposit rates faster this time.
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Deposits from finance companies such as mutual funds, pension funds, insurance companies and non-bank lenders has surged in FY22 but their share remains low in overall bank deposits.
