Savings deposits of Indian banks ascended to 39.72 lakh crore in 2018-19: RBI

Private and public sector banks (PSBs) in India had reported an aggregate savings deposits of Rs 39.72 lakh crore as on March 31, 2019, while foreign banks had witnessed Rs 58,630 crore, revealed RBI data published in the Handbook of Statistics on Indian Economy 2018-19.

Further, the total savings deposits with commercial banks, including foreign ones, in 2018-19 reported at Rs 40.31 lakh crore, an increase from Rs 36.55 lakh crore in 2017-18.

The savings deposits with Indian banks reported at Rs 35.99 lakh crore in 2017-18, the Reserve Bank of India (RBI) said, while it was at Rs 55,896 crore for foreign banks in the same fiscal.

As the first quarter is ending in June, the PSB’s credit growth increased by 8.7 percent, while the aggregate deposits growth was 6.7 percent.

As per the quarterly data on deposits and credits of commercial banks released earlier this month, the foreign banks’ credit growth was 5.4 percent and the aggregate deposits growth was 19.3 per cent.

Aggregate deposits in terms of scheduled commercial banks reported double-digit growth in the first quarter of the fiscal after a period of nearly two years, although expansion in bank credit fell marginally.

For the first quarter of the fiscal, India’s GDP growth recorded at 5 per cent is at a six-year low.

Aggregate deposits inflated by 10.1 percent in the quarter ended June 30, against 7 percent in the same period a year ago. This is the topmost growth since the quarter ended June 2017, when aggregate deposits grew by 12.6 percent.

“Aggregatedeposits growth year-on-year moved back to double-digits after two years. Notwithstanding a modest pick-up, public sector banks continued to lag in deposit mobilisation,” said the RBI.

Bank credit during April and June, this year inflated by 11.7 percent, as compared to a growth of 11.1 percent in the same period last fiscal. This was, however, much below the 13.1 per cent growth in bank credit in the fourth quarter of the last fiscal.

“All bank groups recorded deceleration in credit growth during the April to June 2019 quarter,” the RBI said, adding that the private sector banks led other bank groups in growing loan portfolios.

Private lenders reported a growth of 16.3 percent in aggregate deposits and of 17.5 percent in terms of bank credit in the first quarter of the fiscal, as compared to the public sector banks that had

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