Growth in bank deposits moderated to 10 pc. in March 2022: RBI data

Scheduled Commercial Banks (SCBs) deposit growth slowed to 10 percent year-over-year in March 2022, compared to an 11.9 percent increase a year ago, RBI data shows. In 2021-2022, current, savings and term deposits increased by 10.9 percent, 13.3 percent and 7.9 percent, respectively, according to the Reserve Bank of India (RBI). On Tuesday, the RBI released data on deposits at scheduled commercial banks – March 2022.

The data showed that, in line with monetary and liquidity conditions, interest rates on time deposits moderated further during fiscal year 2021-22. cents a year ago; 78.7 percent two years ago),” it turned out. The share of current account and savings account (CASA) deposits in total deposits has increased over the years and stood at 44.8 percent in March 2022, compared to 41.7 percent three years ago, the exchange said. Bank.

These cheap deposits accounted for 60.9 percent and 55.6 percent of incremental deposits in 2020-21 and 2021-22, respectively, it said. in incremental deposits in FY 2021-22. The same was 59.6 percent in the year-ago period. The household sector had the dominant share of 62.6 percent of total deposits.

Female savers accounted for 19.8 percent of total deposits in March 2022. Their share of incremental bank deposits in the 2021-22 period increased from 15.2 percent in the previous year to 34.3 percent. Government and financial firms together accounted for more than a quarter of incremental deposits during the reporting period, compared to a share of 5.8 percent in 2020-21. Large deposits (ie Rs 1 crore and above) accounted for nearly 40 cents share of total term deposits.

According to the data, seven states – Maharashtra, National Capital Territory (NCT) of Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal and Gujarat – together accounted for 63.3 percent of bank deposits in fiscal year 2021-22.

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