Corona has taken a heavy toll on financial savings. Bank deposits and equity investments of Indian households have declined. According to the preliminary estimates of RBI, the share of financial savings of households in GDP has come down to 8.2 percent in the financial year 2020-21. Whereas in the second quarter (in the September quarter), this share was 10.4 percent. This share stood at 21 per cent in the June quarter. In the June quarter of the financial year 2002-21, the total financial assets of Indian households stood at Rs 815,886 crore. But in September it came down to Rs 4,91,906 crore. This financial asset stood at Rs 4,44,583 crore in the December quarter.
Household Bank Deposit Ratio is down to 3 percent of GDP
RBI has said that in the December quarter (2020-21), the Household Bank Deposit Ratio has fallen to 3 percent of GDP. The ratio was 7.7 per cent in the September quarter. According to the data, in September (2020), the household bank deposit was Rs 1,73,042 crore, while in the December (2020) quarter it decreased to Rs 3,67,264 crore.
Strategy for unlocking of states is not right, corona cases may increase again: report
There is also a decline in the currency holding of Indians
On the other hand, the currency is also seen decreasing in Indian families. In June 2020, he had currency worth Rs 2,06,889 crore but in September it was reduced to Rs 17,225 crore. There was a recovery in December and it reached Rs 91,456 crore. Equity assets also declined. According to RBI data, equity assets stood at Rs 18,599 crore in June but declined to Rs 8,291 crore in September. But in December it further came down to Rs 5,307 crore. During Credit Suisse, there was a decline of 6.1 percent in the wealth of Indians in 2020-21.