The progress in Scheduled Commercial Banks (SCBs) deposits moderated to 10 per cent year-on-year in March 2022, in comparison with a rise of 11.9 per cent a 12 months in the past, RBI knowledge confirmed. During 2021-2022, present, financial savings and time period deposits rose by 10.9 per cent, 13.3 per cent and seven.9 per cent, respectively, the Reserve Bank of India (RBI) stated. On Tuesday, the RBI launched knowledge on Deposits with Scheduled Commercial Banks – March 2022.
The knowledge confirmed that in step with the financial and liquidity circumstances, rates of interest on time period deposits moderated additional throughout fiscal 2021-22.”The share of time period deposits bearing over 6 per cent rate of interest got here all the way down to 14.4 per cent in March 2022 (31 per cent a 12 months in the past; 78.7 per cent two years in the past),” it confirmed. The share of Current Account and Savings Account (CASA) deposits in complete deposits has been growing over time and stood at 44.8 per cent in March 2022 as in contrast with 41.7 per cent three years in the past, the central financial institution stated.
These low-cost deposits accounted for 60.9 per cent and 55.6 per cent of incremental deposits throughout 2020-21 and 2021-22, respectively, it stated.Metropolitan branches of banks, which account for over half of complete deposits, accounted for 51.5 per cent in incremental deposits in FY 2021-22. The identical stood at 59.6 per cent within the year-ago interval. Household sector held the dominant share of 62.6 per cent in complete deposits.
Female depositors accounted for 19.8 per cent of complete deposits in March 2022. Their share in incremental financial institution deposits throughout 2021-22 elevated to 34.3 per cent from 15.2 per cent within the earlier 12 months. General authorities and monetary companies collectively accounted for over one-fourth of the incremental deposits throughout the interval underneath evaluation as in comparison with 5.8 per cent share in 2020-21.Large dimension deposits (i.e., Rs 1 crore and above) practically accounted for 40 per cent share in complete time period deposits.
According to the information, seven states — Maharashtra, National Capital Territory (NCT) of Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal, and Gujarat — collectively accounted for 63.3 per cent of financial institution deposits in fiscal 2021-22.
Source: www.financialexpress.com”