MUMBAI: Banks ended 2023 on a excessive word with their deposits crossing the Rs 200-lakh-crore milestone. Complete deposits with the banking sector have doubled from Rs 100 lakh crore in September 2016, reflecting a compound annual development fee of round 9.5%. Whereas that is the quickest fee at which banks have added Rs 100 lakh crore to their deposit base, the speed of development has slowed down in comparison with earlier.
In keeping with RBI knowledge, financial institution deposits stood at Rs 200.8 lakh crore as of December 29 – a rise of 13.2% from the year-ago interval.Of this, Rs 176 lakh crore was in time period deposits and the remaining in present and financial savings account. Financial institution advances stood at Rs 159.6 crore, which is 20% greater than December 2022 ranges.
In recent times, there was a marked shift of family financial savings to mutual funds. In 2023, the mutual fund trade added a file Rs 10 lakh crore to its complete property beneath administration, taking the cumulative tally previous the Rs 50-lakh mark – which is a fourth of complete financial institution deposits. In 2003, whereas financial institution deposits stood at Rs 12.6 lakh crore, mutual funds had an AUM of solely Rs 1.2 lakh crore.
Financial institution deposits have witnessed vital development through the years. Beginning at Rs 5.1 lakh crore in 1997, they doubled to Rs 10 lakh crore by June 2001. Then, the deposit base doubled once more to Rs 20 lakh crore by March 2006. The quickest doubling occurred between March 2006 and July 2009, when deposits reached Rs 40 lakh crore.
In keeping with RBI knowledge, financial institution deposits stood at Rs 200.8 lakh crore as of December 29 – a rise of 13.2% from the year-ago interval.Of this, Rs 176 lakh crore was in time period deposits and the remaining in present and financial savings account. Financial institution advances stood at Rs 159.6 crore, which is 20% greater than December 2022 ranges.
In recent times, there was a marked shift of family financial savings to mutual funds. In 2023, the mutual fund trade added a file Rs 10 lakh crore to its complete property beneath administration, taking the cumulative tally previous the Rs 50-lakh mark – which is a fourth of complete financial institution deposits. In 2003, whereas financial institution deposits stood at Rs 12.6 lakh crore, mutual funds had an AUM of solely Rs 1.2 lakh crore.
Financial institution deposits have witnessed vital development through the years. Beginning at Rs 5.1 lakh crore in 1997, they doubled to Rs 10 lakh crore by June 2001. Then, the deposit base doubled once more to Rs 20 lakh crore by March 2006. The quickest doubling occurred between March 2006 and July 2009, when deposits reached Rs 40 lakh crore.
