Downtown Mumbai (Photo by toweringgoals via Freepik)

Indian banks deposits and credit grow at the same pace

Deposits have expanded by $147.73b between January-August 2024.

Indian banks’ credit growth is trending down and is now growing at the same pace as deposits.

Credit offtake increased 6.2% as of August 2024, compared to December 2023, according to CareEdge Ratings, using data from the Reserve Bank of India (RBI).

Deposits have also risen by 6.2% to reach about $2.54t (INR 213.2 lakhs crore) in August, driven by the growth of time deposits.

Deposits have expanded by approximately $147.73b (INR12.4 lakhs crore) over the eight-month period.

“Deposits will continue to be prominent in FY2025 as banks intensify efforts to strengthen their liability franchise. The banks are also sourcing funds via the certificates of deposits– at a relatively higher cost– which have shown significant traction,” CareEdge Ratings wrote in a report published on 10 September.

Personal loans and loans extended to micro, small, and medium enterprises (MSME) accounted for most of the increase, CareEdge Ratings said.

(US$1 = INR83.94. 1 lakh krore = 1 trillion rupees. Conversion rate as of 11 September 2024, 3:12PM)

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Lorem Ipsum Content on ABF
The text to display in the title bar of a visitor's web browser when they view this page. 
Lorem Ipsum
Contrary to popular belief, Lorem Ipsum is not simply random text.